Company Law Reform Bill [HL]

moved Amendment No. A248A: "Page 397, line 3, at end insert—" ““(   )   The Secretary of State may direct in writing that the requirements imposed by the regulations in accordance with subsections (2)(e) and (3), or such of those requirements as are specified in the direction, are not to apply, in whole or in part, in relation to a particular registered third country auditor or class of registered third country auditors.”” The noble Lord said: This amendment allows the Secretary of State to disapply some of the registration requirements for third country auditors in Clause 836. The clause will require the auditor of a company incorporated in a third country with a listing on a regulated market in the UK to be registered. Subsections (2) and (3) set out the information required under each person’s entry in the register and include not only the name and address of the auditor, but also in the case of a firm, the names and addresses of its directors and partners. We envisage that the power provided by this amendment would be used to disapply all but the requirement to register the auditor’s name and address in cases where the auditor is already subject to equivalent registration requirements in their home country. This power to disapply requirements is consistent with that contained in Clause 839(4). Like that provision, this amendment will allow flexibility where equivalent oversight arrangements are in place in order that unnecessary burdens are not imposed on auditors and oversight bodies. I beg to move.