s 1240B Power to approve third country competent authorities
(1) The Secretary of State may by regulations grant to a third country competent authority, or make provision for the grant to a third country competent authority of— (a) approval as an approved third country competent authority, or (b) provisional approval, for a period of up to seven years, as an approved third country competent authority, in relation to the exchange of audit working papers and investigation reports. (2) Regulations under subsection (1) may (among other things)— (a) specify the procedure for assessing the adequacy of the third country competent authority, in relation to the authority’s ability to co-operate with the competent authority on the exchange of audit working papers and investigation reports; (b) set out the considerations which must be taken into account, or may be taken into account, by the Secretary of State when determining— (i) whether to grant approval or provisional approval, and (ii) in relation to the granting of provisional approval, the period of the approval; (c) specify the procedure for the granting of an approval or a provisional approval; (d) set out a list of third country competent authorities that have been granted an approval or a provisional approval; (e) make provision for the amendment, suspension or withdrawal of an approval or a provisional approval. (3) Regulations under this section are subject to negative resolution procedure.