372. Public interest entities and financial institutions
(1) For the purpose of this Part an LLP is a public interest entity in relation to a financial year if it is a public interest entity immediately before the end of the accounting reference period by reference to which that financial year was determined.
(2) A "public interest entity" means —
(a) a company that is listed or an LLP whose securities are listed, on a recognised investment exchange, or
(b) that is designated by the Board as a public interest entity, because of the nature of its business, its size or the number of its employees.
(3) For the purposes of this Part a company or an LLP is a "financial institution" in relation to a financial year if it is licensed under the Commercial Licensing Regulations 2015 as a financial institution at any time during the accounting reference period by reference to which that financial year was determined.
(4) The Board make rules amending or replacing the provisions of subsections (1) to (3) so as to limit or extend the application of some or all of the provisions of this Part that refer to public interest entities and/or financial institutions.