reg 9
In section 78A (interpretation of Part 6) , for subsection (3) substitute— (3) References in this Part to a friendly society to which the Audit Directive applies are to a friendly society that is— (a) an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings , or (b) an issuer whose transferable securities are admitted to trading on a regulated market. (4) In subsection (3)— (a) “issuer” and “regulated market” have the same meaning as in Part 6 of the Financial Services and Markets Act 2000 ; and (b) “transferable securities” means anything which is a transferable security for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments .