Companies Act 2014

F628 [ Restrictions with regard to fees exemption on exceptional basis

1545.

1545. (1) A statutory auditor or audit firm may, pursuant to Article 4(2) of Regulation (EU) No 537/2014, request the Supervisory Authority for an exemption from the limits in that Article on total fees for services provided by him or her to a public-interest entity for a period of up to 2 financial years on an exceptional basis.

(2) A request shall be made in such form and manner as the Supervisory Authority specifies.

(3) On receipt of a request in the form specified in subsection (2) , the Supervisory Authority shall

(a) grant the exemption as requested,

(b) grant a shorter exemption than that requested, or

(c) refuse to grant the exemption.

(4) Where the Supervisory Authority, on receipt of a request for an exemption, considers that it requires additional information before making a decision under subsection (3) , it may give notice of that to the statutory auditor or audit firm that made the request.

(5) The notice referred to in subsection (4) shall set out the additional information required by the Supervisory Authority.

(6) On receipt of a response to the notice from the statutory auditor or audit firm containing the additional information referred to in subsection (4) , the Supervisory Authority shall

(a) grant the exemption as requested,

(b) grant a shorter exemption than that requested, or

(c) refuse to grant the exemption.

(7) Where the Supervisory Authority grants an exemption under subsection (3) or (4) , it shall

(a) do so on an exceptional and case by case basis only, and

(b) publish its decision on its website.

(8) Where the Supervisory Authority refuses to grant an exemption under subsection (3)(c) or (6)(c) , it shall provide reasons for its decision to the statutory auditor or audit firm. ]

Annotations

Amendments:

F628

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 51, S.I. No. 366 of 2018.