Wednesday, 11 May 2016
UK: The Companies (Bodies Concerned with Auditing Standards etc.) (Exemption from Liability) Regulations 2016
The Companies (Bodies Concerned with Auditing Standards etc.) (Exemption from Liability) Regulations 2016 were made and laid before Parliament on 10 May and come into force on 1 June. The purpose of the Regulations, to quote directly from the explanatory note that accompanies them, is to "grant, to the Financial Reporting Council Limited and the Conduct Committee of that body, exemption from liability in damages in respect of certain activities that they carry out (or purport to carry out) for the purposes of, or in connection with, setting and monitoring the issue of, and compliance with, auditing standards for companies". More detailed information is available in the accompanying explanatory memorandum: see here (pdf).