Citation, commencement and extent _I1

1. —(1) These Regulations may be cited as the Accounting Standards (Prescribed Bodies) (United States of America and Japan) (Amendment) Regulations 2023.

(2) These Regulations come into force on 29th September 2023.

(3) These Regulations extend to the whole of the United Kingdom.

Amendment to the Accounting Standards (Prescribed Bodies) (United States of America and Japan) Regulations 2015 _I2

2. The Accounting Standards (Prescribed Bodies) (United States of America and Japan) Regulations 2015( 3 ) are amended in accordance with regulations 3 to 6.

Amendment to regulation 1 _I3

3. —(1) Regulation 1 (citation, commencement and expiry) is amended as follows.

(2) For the heading of regulation 1 substitute—

“ Citation and commencement ” .

(3) Omit paragraph 3.

New regulation 5A

^F1 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Substitution of regulation 8 _I4,I5

5. For regulation 8 (review) substitute—

“ 8. —(1) The Secretary of State must from time to time—

(a) carry out a review of these Regulations;

(b) set out the conclusions of the review in a report; and

(c) publish the report.

(2) The report must in particular—

(a) set out the objectives intended to be achieved by these Regulations;

(b) assess the extent to which those objectives are achieved; and

(c) assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.

(3) The first report under this regulation must be published before 30th September 2028.

(4) Reports under this regulation are afterwards to be published at intervals not exceeding five years. ” .

6. Omit regulation 9 (review).