Companies Act 2014

F631 [ Rotation of statutory auditor and audit firms in case of public-interest entities - extension

1548.

1548. (1) A public-interest entity may, pursuant to Article 17(6) of Regulation (EU) No 537/2014, under exceptional circumstances request the Supervisory Authority for an extension to reappoint a statutory auditor or audit firm for a period of up to 2 years on an exceptional basis.

(2) The grounds for the exceptional basis may be events in the nature of mergers, acquisitions and special investigations but, in any case, it will be a matter for the Supervisory Authority to determine such grounds.

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

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

(a) grant the extension as requested,

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

(c) refuse to grant the extension.

(5) Where the Supervisory Authority, on receipt of a request for an extension, considers that it requires additional information before making a decision under subsection (4) , it shall give notice of that to the public-interest entity that made the request.

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

(7) On receipt of a response to the notice from the public-interest entity containing the additional information referred to in subsection (5) , the Supervisory Authority shall

(a) grant the extension as requested,

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

(c) refuse to grant the extension.

(8) Where the Supervisory Authority grants an extension under subsection (4) or (5) , it shall

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

(b) publish its decision on its website.

(9) Where the Supervisory Authority refuses to grant an extension under subsection (4)(c) or (7)(c) , it shall provide reasons for its decision to the public-interest entity. ]

Annotations

Amendments:

F631

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