Clause 2

by inserting, immediately after the definition of “accounting firm”, the following definition:“ “accounting limited liability partnership” or “accounting LLP” means a limited liability partnership approved as an accounting limited liability partnership under section 18A;”;

by deleting the definition of “corporate practitioner” and substituting the following definition:“ “corporate practitioner” —

in relation to an accounting corporation, means a director or an employee of the corporation who is a public accountant and practising as such in that corporation; and

in relation to an accounting LLP, means a partner or an employee of the accounting LLP who is a public accountant and practising as such in the accounting LLP;”;

by inserting, immediately after the definition of “lay person”, the following definitions:“ “limited liability partnership” has the same meaning given to it by section 4(1) of the Limited Liability Partnerships Act 2005 (Act 5 of 2005);“manager”, in relation to a limited liability partnership, has the same meaning as in section 2(1) of the Limited Liability Partnership Act 2005;”;

by deleting the definition of “professional indemnity insurance” and substituting the following definition:“ “professional indemnity insurance” includes insurance indemnifying a public accountant, an accounting corporation, an accounting firm or an accounting LLP against liability to compensate a third party who has sustained financial loss or any other damage or injury due to a breach of professional duty or to any professional negligence on the part of such public accountant, accounting corporation, accounting firm or accounting LLP, as the case may be (including any such negligence by any director of such accounting corporation or any partner of such accounting LLP), or fraud or dishonesty;”;

by inserting, immediately after the definition of “Register of Public Accounting Firms”, the following definition:“ “Register of Public Accounting Limited Liability Partnerships” means the register kept and maintained under section 5(1)(a)(iv);”; and

by deleting the definition of “relevant particulars” and substituting the following definition:“ “relevant particulars”, in relation to a public accountant, an accounting corporation, an accounting firm or an accounting LLP, means such particulars of the public accountant, accounting corporation, accounting firm or accounting LLP as the Oversight Committee may determine to be relevant for inclusion in the Register of Public Accountants, the Register of Public Accounting Corporations, the Register of Public Accounting Firms or the Register of Public Accounting Limited Liability Partnerships, as the case may be;”.