Companies Act 2014

362.

Audit exemption not available where company or subsidiary undertaking falls within a certain category

362. F205 [ (1) Notwithstanding that section 358 is complied with, a company is not entitled to the audit exemption referred to in that section if the company is a relevant securitisation company. ]

F206 [ (2) Notwithstanding that section 359 is complied with, a holding company and the other members of the group are not entitled to the audit exemption referred to in that section if

(a) the holding company is a relevant securitisation company, or

(b) any of those other members is a relevant securitisation company. ]

(3) In this section “relevant securitisation company” means—

(a) a qualifying company within the meaning of section 110 of the Taxes Consolidation Act 1997; or

(b) a financial vehicle corporation (“FVC”) within the meaning of—

(i) in the period before 1 January 2015, Article 1(1) of Regulation (EC) No. 24/2009 of the European Central Bank of 19 December 2008 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions; or

(ii) subject to subsection (4), in the period on or after 1 January 2015, Article 1(1) of Regulation (EU) No. 1075/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (recast).

(4) If a Regulation is made by the European Central Bank concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions that—

(a) contains a different definition of financial vehicle corporation (“FVC”) from that referred to in subparagraph (ii) of subsection (3)(b), the reference in that provision to that definition shall be read as a reference to the definition contained in the Regulation so made, or

(b) amends the definition so referred to, the reference in that provision to that definition shall be read as a reference to that definition as it stands so amended.

Annotations

Amendments:

F205

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 59(a), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F206

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 59(b), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.