1641. (1) (a) Subject to paragraph (b) and Chapter 21 of Part 27 as applied by subsection (2), the Supervisory Authority shall, in accordance with the relevant provisions of Chapter 5 of Part 27, section 1636 and Schedules 20 and 24, cause to be registered in each year in the public register every third-country auditor and third-country audit entity that indicates, in writing to it, his or her intention to provide an assurance report concerning the sustainability reporting of an applicable company that falls within section 1573(3).

(b) Paragraph (a) shall not apply to a third-country auditor or third-country audit entity that provides assurance reports of undertakings incorporated in third countries in respect of which –

(i) the Commission has not yet made a decision that the public oversight, quality assurance and investigation and penalty systems for third-country auditors and third-country audit entities meet requirements which shall be considered equivalent to those of Articles 29, 30 and 32 of the Audit Directive, or

(ii) such a decision was made but for a specified period of time which has now expired.

(2) Chapter 21 of Part 27 shall apply in relation to the registration of a third-country auditor and third-country audit entity pursuant to subsection (1) in the same manner as it applies in respect of the registration of a third-country auditor and third-country audit entity pursuant to section 1573 subject to the following modifications:

(a) subsection (1) of this section shall be substituted for subsection (1) of section 1573;

(b) references in section 1573 to subsection (1) of that section shall be construed as references to subsection (1) of this section;

(c) references (howsoever expressed) to registration pursuant to section 1573 shall be construed as references to registration pursuant to subsection (1);

(d) a reference to registration under Chapter 5 shall include reference to registration in accordance with section 1636;

(e) references to Schedule 20 shall be construed as including a reference to Schedule 24;

(f) a reference in section 1576 to an audit report provided by a third-country auditor or third-country audit entity concerning the accounts or consolidated accounts of an undertaking falling within section 1573(3) shall be construed as a reference to an assurance report provided by a third-country auditor or third-country audit entity concerning the sustainability reporting of an applicable company that falls within section 1573(3);

(g) a reference in section 1577(2) to sections 1464 and 1472 shall include a reference to sections 1626 and 1628;

(h) a reference to the audit of accounts or consolidated accounts shall be construed as reference to the assurance of sustainability reporting;

(i) a reference to international auditing standards as referred to in section 1526 shall be construed as reference to assurance standards as referred to in section 1610;

(j) any other necessary modifications.]