Exiting The European Union PART 1 Introductory Citation and commencement 1 1 These Regulations may be cited as the Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019. 2 These Regulations come into force immediately before exit day, except for regulations 2 and 3 which come into force 21 days after the day on which these Regulations are made. PART 2 Amendments to the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 2 The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 are amended in accordance with this Part. 3 In regulation 2, for “Part 5 which comes into force 21 days after the day on which it is made” substitute— a regulation 14, which comes into force 21 days after the day on which the Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 are made; and b Part 5, which comes into force on 22 February 2019 . 4 For regulation 4 substitute— 4 In section 479A (subsidiary companies: conditions for exemption from audit) — a in subsection (1)(b), for “an EEA State” substitute “ any part of the United Kingdom ” ; b in subsection (2)(c), for sub-paragraph (i) substitute— i if the undertaking is a company, the requirements of Part 15 of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or . 4A In section 479C(2) (subsidiary companies audit exemption: parent undertaking declaration of guarantee) — a for paragraph (b) substitute— b the registered number (if any) of the parent undertaking, ; b omit paragraph (c). . 5 In regulation 16, after paragraph (b) insert— c in subsection (4)(b)— i for “UK-traded non-EEA company” substitute “ UK-traded third country company ” ; ii for “UK-traded non-EEA companies” substitute “ UK-traded third country companies ” ; d in subsection (4)(c)— i for “UK-traded non-EEA company” substitute “ UK-traded third country company ” ; ii for “UK-traded non-EEA companies” substitute “ UK-traded third country companies ” . . 6 In regulation 28(b), for paragraph (b) of inserted sub-paragraph (1A) substitute— b the individual is an EEA auditor who — i on or before IP completion day , holds a professional qualification which does not cover all those subjects, ii on or before IP completion day , has been approved by the body or is in the process of seeking approval from the body, and iii has met whichever of the requirements of sub-paragraph (1B) is specified in the body's rules. . 7 For regulation 50(b) substitute— b in regulation 34A (exemption from audit: qualifying subsidiaries) , in the modified section 479A— i in subsection (1)(b), for “an EEA State” substitute “ any part of the United Kingdom ” ; ii in subsection (2)(c), for sub-paragraph (i) substitute— i if the undertaking is a company, the requirements of Part 15 of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or ; c in regulation 34A, in the modified section 479C(2)— i for paragraph (b) substitute— b the registered number (if any) of the parent undertaking, ; ii omit paragraph (c). . 8 In regulation 100(b)(ii)(bb), in substituted point (a), for “ which ” substitute “other than those which,”. PART 3 Amendments to the Accounts and Reports (Amendment) (EU Exit) Regulations 2019 9 The Accounts and Reports (Amendment) (EU Exit) Regulations 2019 are amended in accordance with this Part. 10 In Schedule 2 (amendments made under the European Union (Withdrawal) Act 2018: primary legislation)— a in paragraph 6, for sub-paragraph (a) substitute— a for paragraph (b), substitute— b the registered number (if any) of the parent undertaking, ; and ; b in paragraph 14, for sub-paragraph (a) substitute— a for paragraph (b), substitute— b the registered number (if any) of the parent undertaking, ; and . PART 4 Amendments to the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 11 The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 are amended in accordance with this Part. 12 In Schedule 2 (revocations)— a after entry 54 insert— 54A. Commission Regulation (EU) 2017/1986 of 31 October 2017 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 16 b after entry 61 insert— 61A. Commission Regulation (EU) 2018/498 of 22 March 2018 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 9 c after entry 62 insert— 63. Commission Regulation (EU) 2018/1595 of 23 October 2018 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards Interpretation 23 of the International Financial Reporting Interpretations Committee 64. Commission Regulation (EU) 2019/237 of 8 February 2019 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 28 65. Commission Regulation (EU) 2019/402 of 13 March 2019 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 19 66. Commission Regulation (EU) 2019/412 of 14 March 2019 on amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Accounting Standards 12 and 23 and International Financial Reporting Standards 3 and 11 Kelly Tolhurst Parliamentary Under Secretary of State Department for Business, Energy and Industrial Strategy