Definition of when a third country competent authority is adequate in relation to exchange  of papers and reports  Power of Secretary of State to take into account a report from the competent authority  Conditions for grant of approval  ( a ) Section 1224A was inserted by S.I. 2007/3494 and amended by S.I. 2016/649, 2019/177 and paragraph 125 of Schedule 19  to the Data Protection Act 2018 (c. 12).  ( b ) Section 1224B was inserted by S.I. 2007/3494.  ( c )  Sections 1253A to 1253C were inserted by S.I. 2007/3494. Section 1253A was amended by S.I. 2019/177. Section 1253B  was amended by S.I. 2016/649 and 2019/177. Section 1253C was amended by S.I. 2011/1043, 2016/649 and 2019/177.  5 (a) approval as an approved third country competent authority unless the Secretary of State is  satisfied that condition A is met; or  (b) provisional approval as an approved third country competent authority unless the  Secretary of State is satisfied that condition B is met.  (a) the third country competent authority is adequate in relation to its ability to co-operate  with the competent authority on the exchange of audit working papers and investigation  reports; and  (b) that adequacy can reasonably be expected to have been established before the end of the  period of provisional approval.  ( d ) Schedule 11A was inserted by S.I. 2007/3494 and amended by S.I. 2010/22, 2011/1043, 2013/1881, 2013/1882, 2013/2329,  2013/3134, 2014/631, 2014/892, 2016/649, 2016/679, 2017/516, 2017/1064, 2019/177 and paragraph 27 of Schedule 1 to  the Pensions Regulator Tribunal (Transfer of Functions) Act (Northern Ireland) 2010 (c. 4) (N.I.), paragraph 31 of Schedule  5 to the Budget Responsibility and National Audit Act 2011 (c. 4), paragraph 124 of Schedule 18, and Schedule 19 to the  Financial Services Act 2012 (c. 21), paragraph 78 of Schedule 12 to the Local Audit and Accountability Act 2014 (c. 2),  paragraph 103 of Schedule 4 to the Co-operative and Community Benefit Societies Act 2014 (c. 14), paragraph 38 of  Schedule 4 to the Consumer Rights Act 2015 (c. 15) and paragraph 22 of Schedule 6 to the Deregulation Act 2015 (c. 20).  (b) provisional approval to a third country competent authority as an approved third country  competent authority;  by relevant regulations.  (2) In this Chapter, “relevant regulations” means regulations under section 1240B(1) of the  Companies Act 2006 made by the Secretary of State.  11.  For the purposes of these Regulations, a third country competent authority is adequate, in  relation to the authority’s ability to co-operate with the competent authority on the exchange of  audit working papers and investigation reports, if provisions with content comparable to that of  sections 1224A( a ), 1224B( b ) and 1253A to 1253C( c ) of, and Schedule 11A( d ) to, the Companies  Act 2006, or provisions which are expected to achieve comparable outcomes, apply in the country  of that competent authority.  12. —(1) Before granting approval or provisional approval to a third country competent authority  by relevant regulations, the Secretary of State may take into account a report prepared by the  competent authority that assesses the extent to which the third country competent authority is  adequate in relation to that authority’s ability to co-operate with the competent authority on the  exchange of audit working papers and investigation reports.  (2) The report of the competent authority may take account of any assessments of the third  country competent authority carried out by or on behalf of an equivalent third country or a  transitional third country.  13. —(1) The Secretary of State may not grant to a third country competent authority—  (2) Condition A is that the third country competent authority is adequate in relation to its ability  to co-operate with the competent authority on the exchange of audit working papers and  investigation reports.  (3) Condition B is that it is likely that— 