Section 1 carries the Royal Charter and Bye-laws, to which there are no interim changes
Section 2 carries the Regulations, covering membership of ACCA, practising and licensing arrangements, and regulatory and disciplinary matters. Commentary on the changes is set out below
Section 3 carries the Code of Ethics and Conduct. There are no interim changes to section 3.
Section 2 - Regulations
Annexes to the Global Practising Regulations:
Annex 3 of the Global Practising Regulations (GPRs) has been removed to reflect that the Institute of Certified Public Accountants of Cyprus (ICPAC) no longer requires ACCA members in practice to hold ACCA practising certificates. In Cyprus, ACCA members were not previously permitted to provide public practice services including audit services unless they were members of ICPAC and had obtained its relevant practising certificate. Now, applicants may achieve ICPAC authorisation without having to obtain an ACCA practising certificate, provided they have met ICPAC’s eligibility requirements.
Appendix 3 to Annex 1 of the GPRs has also been amended to remove an ambiguity concerning eligibility for an audit qualification for one of the Channel Islands or the Isle of Man. The regulation that has been removed is that ‘The member shall have passed such local equivalents of the Association’s examinations as the Admissions and Licensing Committee shall from time to time specify as acceptable'. According to local legislation (in each location), the deletion of this regulation is appropriate, and it will remove the risk of inconsistency in the way that applications are treated.
Implementation of the Insurance Distribution Directive:
The implementation of the Insurance Distribution Directive (IDD) in the UK and Ireland requires amendments to the Designated Professional Body Regulations (DPBRs) and the Irish Investment Business Regulations (IIBRs) respectively. ACCA has worked closely with the Financial Conduct Authority and the Central Bank of Ireland to identify the necessary changes. ACCA has also taken the opportunity to streamline the DPBRs.
Although the DPBRs now include further restrictions concerning insurance distribution (including the requirement for firms to meet the definition of ancillary insurance intermediaries), the greatest impact of IDD implementation is in Ireland. Most firms currently authorised for investment business by ACCA under the Investment Intermediaries Act and the IIBRs will cease to need authorisation, as implementation of the IDD will remove insurance business from the scope of the Act. Practices wishing to advise on or arrange insurance products will need to seek registration directly with the Central Bank of Ireland. (ACCA will continue to authorise firms in respect of investment products that are not written under an insurance contract.)
There is a single consequential change to Annex 2 to the GPRs to remove a reference to insurance mediation in Ireland.