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Term Definition Legal instruments

small firm for external audit purposes

15/11/2018

THIS DEFINITION ONLY APPLIES TO THE EXTERNAL AUDIT PART

(1) For the purposes of external audit of a SFCR relating to a financial year ending on or after 15 November 2018 but before 15 November 2019, means a UK Solvency II firm where its score is less than 100.

(2) For the purposes of external audit of a SFCR relating to a financial year ending on or after 15 November 2019, means a UK Solvency II firm where:

(a) its score is less than 100 for its two most recent financial year ends; or

(b) its score is greater than 100, if the financial year end to which the score relates immediately follows a financial year end in which that UK Solvency II firm met the condition in (2)(a).