Seanad amendment No. 96: Section 362: In page 349, to delete lines 37 to 41, and in page 350, to delete lines 1 to 15 and substitute the following:“Audit exemption not available where company or subsidiary undertaking falls within a certain category 362.(1)Notwithstanding that section 358is complied with, a company is not entitled to the audit exemption referred to in that section if the company is a company falling within any provision (in so far as applicable to a private company limited by shares) of Schedule 5, other than a company referred to in paragraph 5or 16of that Schedule, or if it is a relevant securitisation company. (2)Notwithstanding that section 359is 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 company falling within any provision (in so far as applicable to a private company limited by shares) of Schedule 5, other than a company referred to in paragraph 5or 16of that Schedule, or if it is a relevant securitisation company, or (b)any of those other members is⁠— (i)a credit institution, (ii)an insurance undertaking, (iii)a company falling within any provision of Schedule 5, other than a company referred to in paragraph 5or 16of that Schedule, (iv)a relevant securitisation company or (v)a body any of the securities of which are admitted to trading on a regulated market. (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.”

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