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Company Law Reform Bill [HL]

moved Amendment No. A251A: "After Clause 843, insert the following new clause—" ““GRANTS TO BODIES CONCERNED WITH ARRANGEMENTS UNDER SCHEDULE 12    In section 16 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27) (grants to bodies concerned with accounting standards etc), after subsection (2)(ka) (inserted by section 835) insert— ““(kb)   establishing, maintaining or carrying out arrangements within paragraph 1 or 2 of Schedule 12 to the Company Law Reform Act 2006;””.”” The noble Lord said: This amendment provides an exemption from liability in damages for bodies supervising third country auditors, which is consistent with the exemption from liability for bodies supervising other classes of auditors. It provides a new clause which amends Section 16 of the Companies (Audit, Investigations and Community Enterprise) Act 2004, so that by virtue of Section 18 of that Act, bodies supervising third country auditors cannot be sued for acts done in the course of carrying out these functions. The amendment mirrors the exemption from liability already provided for in the 2004 Act for bodies carrying out supervisory functions in respect of other classes of auditors. We think it is right that such bodies should have this exemption when carrying out functions under the framework of the Bill. I beg to move. On Question, amendment agreed to. Clauses 844 to 847 agreed to. Clause 848 [Delegation of the Secretary of State’s functions]: [Amendment No. A252 not moved.] Clause 848 agreed to. Clause 849 agreed to. Schedule 13 agreed to. Clause 850 [Directions to comply with international obligations]: [Amendment No. A253 not moved.] Clause 850 agreed to. Clauses 851 to 856 agreed to. Clause 857 [Minor definitions]: