S.L. 372.33 Art. 7Companies registered under the Merchant Shipping Act. Cap. 234. S.L. 234.42.  Cap. 386.  S.L. 234.42.

(1) Without prejudice to the provisions of rules 3, 4

and 5 where a company registered in Malta is registered under the

Merchant Shipping Act and benefits from an exemption provided for in regulation 64 of the Merchant Shipping (Shipping Organisations –

Private Companies) Regulations, the audit report requirements in

*Rule 6 shall come into force with effect from accounting periods commencing on, or after 1 January 2025. connection with the records that shall be kept in accordance with article 19(4)(a) to the Act shall be deemed to have been discharged despite the absence of a statutory audit.

(2) When a company that is required to prepare consolidated accounts in terms of the Companies Act, fulfils the criteria referred to in sub-rule (1), the treatment under this rule shall apply as long as the group of which it forms part continues to qualify as a small group in accordance with the criteria established in article 185(5) of the said Act.

Provided that in any case such thresholds shall be those as established in regulation 64 of the Merchant Shipping (Shipping Organisations – Private Companies) Regulations.