Companies Act 2014
F663 [ Registration of third-country auditors and third-country audit entities
1573. (1)(a) Subject to paragraph (b) , subsection (6) and section 1580 , the Supervisory Authority shall, in accordance with the relevant provisions of Chapter 5 and Schedule 20 , cause to be registered in each year in the public register every third-country auditor and third-country audit entity that indicates, in writing to it, his or her intention to provide an audit report concerning the accounts or consolidated accounts of an undertaking falling within subsection (3) .
(b) Paragraph (a) shall not apply to a third-country auditor or third-country audit entity that provides audit reports concerning the annual or group financial statements of undertakings incorporated in third countries in respect of which —
(i) the Commission has not yet made a decision that the public oversight, quality assurance and investigation and penalty systems for third-country auditors and third-country audit entities meet requirements which shall be considered equivalent to those of Articles 29, 30 and 32 of the Audit Directive, or
(ii) such a decision was made but for a specified period of time which has now expired.
(2) Registration in the public register pursuant to subsection (1) shall have effect for a period of 12 months from the date on which the registration is effected.
(3) The undertaking referred to in subsection (1) is one —
(a) incorporated outside the European Union, not being a collective investment undertaking, and
(b) whose transferable securities are admitted to trading on a regulated market in the State.
(4) There shall accompany the indication in writing by a third-country auditor or third-country audit entity referred to in subsection (1) a notification, in such form and manner as the Supervisory Authority specifies, of the following information (in relation to the auditor or audit entity) to it.
(5) That information is the information referred to in paragraph 3 of Schedule 20 but does not include the information referred to in paragraph 1(b) or 2(b) (as applied by that paragraph 3 ) of that Schedule.
(6) Subsection (1) shall not apply if the undertaking referred to in that subsection is an issuer exclusively of outstanding debt securities for which one of the following applies:
(a) prior to 31 December 2010, the undertaking was admitted to trading on a regulated market, and the denomination per unit of which is at the date of issue at least € 50,000 or, in case of debt securities denominated in another currency, equivalent, at the date of issue, to at least € 50,000;
(b) from 31 December 2010, the undertaking was admitted to trading on a regulated market, and the denomination per unit of which is at the date of issue at least € 100,000 or, in case of debt securities denominated in another currency, equivalent, at the date of issue, to at least € 100,000.
(7) Section 1487 shall apply to third-country auditors and third-country audit entities so registered with the substitution of references to the recognised accountancy body for references to the Supervisory Authority and any other necessary modifications.
(8) Section 1488 shall apply, with any necessary modifications, to a notification of information by a third-country auditor or third-country audit entity under —
(a) subsection (4) to the Supervisory Authority, and
(b) section 1487 , as applied by subsection (7) , to that Authority.
(9) In subsection (3) , ‘ collective investment undertaking ’ does not include such an undertaking of the closed-ended type. ]
Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 51, S.I. No. 366 of 2018.