A liability limitation agreement—
must not apply in respect of acts or omissions occurring in the course of the audit of accounts for more than one financial year, and
must specify the financial year in relation to which it applies.
The Secretary of State may by regulations—
require liability limitation agreements to contain specified provisions or provisions of a specified description;
prohibit liability limitation agreements from containing specified provisions or provisions of a specified description.
Without prejudice to the generality of the power conferred by subsection (2), that power may be exercised with a view to preventing adverse effects on competition.
Regulations under this section are subject to negative resolution procedure.