Companies Act 2014 section 362

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

Section 362 removes the availability of audit exemption for companies that are, or whose group includes, a relevant securitisation company.

• A company that is a relevant securitisation company cannot claim audit exemption, even if it otherwise meets all the conditions for exemption as a standalone company
• In a group situation, if the holding company or any other group member is a relevant securitisation company, the entire group loses entitlement to audit exemption
• A relevant securitisation company means either a qualifying company under section 110 of the Taxes Consolidation Act 1997 or a financial vehicle corporation (FVC) as defined in the applicable European Central Bank regulation on securitisation statistics
• If the European Central Bank issues a new or amended regulation changing the definition of FVC, the updated definition automatically applies for the purposes of this section

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