DTR 7.1 does not apply to:
any issuer the sole business of which is to act as the issuer of asset-backed securities provided the entity makes a statement available to the public setting out the reasons for which it considers it is not appropriate to have either an audit committee or an administrative or supervisory body entrusted to carry out the functions of an audit committee;
the total nominal amount of all such debt securities remains below 100,000,000 Euros; and
qualifies as a small company under sections 382 to 383 of the Companies Act 2006; or
qualifies as a medium company under sections 465 to 466 of the Companies Act 2006,
in relation to the financial year to which the corporate governance statement relates.
[Note: article 20(5) of the Accounting Directive]