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the making
this Statutory Instrument was published in “Iris Oifigiúil”
21st September, 2018. I, HEATHER HUMPHREYS, Minister for Business, Enterprise and Innovation, in exercise
the powers conferred on me by section 3
the European Communities Act 1972 (No. 27
1972) and for the purpose
giving effect to Commission Decision 2011/30/EU
19 January 20111 on the equivalence
certain third country public oversight, quality assurance, investigation and penalty systems for auditors and audit entities and a transitional period for audit activities
certain third country auditors and audit entities in the European Union, Commission Implementing Decision 2016/1155/EU
14 July 20162 on the equivalence
the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities
the United States
America pursuant to Directive 2006/43/EC
the European Parliament and
the Council and Commission Implementing Decision (EU) 2016/1223
25 July 20163 amending Commission Decision 2011/30/EU on the equivalence
certain third country public oversight, quality assurance, investigation and penalty systems for auditors and audit entities and a transitional period for audit activities
certain third country auditors and audit entities in the European Union, hereby make the following regulations: 1.
2014” means the Companies Act 2014 (No. 38
2014); “Commission Decision” means Commission Decision 2011/30/EU
19 January 2011 as amended by Commission Implementing Decision 2013/288/EU
13 June 20134 amending Decision 2011/30/EU on the equivalence
certain third country public oversight, quality assurance, investigation and penalty systems for auditors and audit entities and a transitional period for audit activities
certain third country auditors and audit entities in the European Union and Commission Implementing Decision (EU) 2016/1223
25 July 2016; “Commission Implementing Decision 2013” means Commission Implementing Decision 2013/280/EU
11 June 20135 on the adequacy
the competent authorities
the United States
America pursuant to Directive 2006/43/EC
the European Parliament and
the Council; “Commission Implementing Decision 2016” means Commission Implementing Decision 2016/1155/EU
14 July 2016; “relevant Articles” means Articles 29, 30 and 32
the Audit Directive; “Supervisory Authority” has the meaning given to it by section 900
the Act
2014; “third-country auditor” means an individual who carries out audits
accounts or consolidated accounts
a company incorporated in a third country, other than an individual who is registered as a statutory auditor in any Member State as a consequence
approval in accordance with Articles 3 and 44
the Audit Directive; “third-country audit entity” means an entity, regardless
its legal form, which carries out audits
the accounts or consolidated accounts
a company incorporated in a third country, other than an entity which is registered as an audit firm in any Member State as a consequence
approval in accordance with Article 3
the Audit Directive.
the Act
2014 shall apply to the interpretation
these Regulations as that section applies to the interpretation
that Act. 3.
the Commission Decision and for the purpose
the Audit Directive, the public oversight, quality assurance, investigation and penalty systems for third-country auditors and third-country audit entities
— (
America, meet requirements which shall be considered equivalent to those
the relevant Articles in relation to audit activities concerning the accounts or consolidated accounts for financial years starting from 2 July 2010.
the Commission Decision, paragraph
the Commission Decision and for the purpose
the Audit Directive, the public oversight, quality assurance, investigation and penalty systems for third-country auditors and third-country audit entities
— (
Man, (
the relevant Articles in relation to audit activities concerning the accounts or consolidated accounts for financial years starting from 1 August 2012.
Commission Implementing Decision 2013 and for the purpose
the Audit Directive, the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities
the United States
America meet requirements which shall be considered equivalent to those
the relevant Articles in relation to audit activities concerning the accounts or consolidated accounts for financial years starting from 1 August 2012.
Commission Implementing Decision 2013, paragraph
the Commission Decision and for the purpose
the Audit Directive, the public oversight, quality assurance, investigation and penalty systems for third-country auditors and third-country audit entities
— (
the relevant Articles in relation to audit activities concerning accounts or consolidated accounts for financial years starting from 1 August 2016.
Commission Implementing Decision 2016 and for the purpose
the Audit Directive, the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities
the Securities and Exchange Commission
the United States
America and the Public Company Accounting Oversight Board
the United States
America shall be considered to meet requirements that are equivalent to those
the relevant Articles.
Commission Implementing Decision 2016, paragraph
section 1580
the Act
2014, the Commission— (
the Audit Directive, an assessment, in respect
the third countries specified in paragraphs
Regulation 3,
the systems referred to in section 1580
the Act
2014, and (ii) each assessment in accordance with Article 46
the Audit Directive, and (b) has, in respect
the third countries specified in paragraphs
Regulation 3, assessed the systems referred to in paragraph (a) as meeting the requirements equivalent to those in the corresponding provisions
the Audit Directive. 5.
an audit report concerning the accounts or consolidated accounts for a company incorporated in a third country specified in Annex I to the Commission Decision for a financial year starting during the period from 2 July 2010 to 31 July 2012 and Annex II to the Commission Decision for 2 July 2010 to 31 July 2018 where the transferable securities
such company are admitted to trading on a regulated market
the State within the meaning
point 14
Directive 2004/39/EC
the European Parliament and
the Council
21 April 20046 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC
the European Parliament and
the Council and repealing Council Directive 93/22/EEC.
the information specified in subparagraphs (a) to (e)
the Commission Decision and subparagraphs (a) to (e)
the Commission Decision, and (b) pay the fee specified in Regulation 8.
the name and address
third-country auditors and third-country audit entities that provide audit reports concerning the accounts or consolidated accounts
companies incorporated in the third countries specified in Annex I or Annex II to the Commission Decision, and (ii) that the public oversight, quality assurance, investigation and penalty systems
those countries are not yet recognised as equivalent under Article 46
the Audit Directive. 6.
subparagraph (e)
the Commission Decision or subparagraph (e)
the Commission Decision, or (b) is required, in accordance with subparagraph (e)
the Commission Decision or subparagraph (e)
the Commission Decision, to be treated on a confidential basis.
the Supervisory Authority; (b) an employee, or former employee,
the Supervisory Authority; (c) a professional or other advisor, or former professional or other advisor, to the Supervisory Authority.
an
fence and shall be liable, on summary conviction, to a Class A fine.
fence under this Regulation may be brought and prosecuted by the Director
Corporate Enforcement. 7.
the Commission Decision is without prejudice to a cooperative arrangement on quality assurance reviews between the Supervisory Authority and the competent authority
a third country specified in Annex II to the Commission Decision if such cooperative arrangement— (a) includes carrying out quality assurance reviews on the basis
equality
treatment, (
the Audit Directive.
Commission Implementing Decision 2013 shall be without prejudice to cooperative arrangements on individual quality assurance reviews between the Supervisory Authority and the competent authorities
the United States
America if such arrangement meets the criteria set out in Article 2
Commission Implementing Decision 2013 and does not pre-empt any decision to be taken in accordance with Article 47
the Audit Directive.
Commission Implementing Decision 2016 shall be without prejudice to cooperative arrangements on individual quality assurance reviews between the Supervisory Authority and the competent authorities
the United States
America. 8. A third-country auditor or third-country audit entity referred to in Regulation 5
administrative expenses incurred pursuant to these Regulations,
€2,000 to the Supervisory Authority. 9. The following Regulations are revoked: (a) the European Union (Third Country Auditors and Audit Entities Equivalence, Transitional Period Measures and Fees) Regulations 2012 ( S.I. No. 312
2012 ); (b) the European Union (Third Country Auditors and Audit Entities Equivalence, Transitional Period and Fees) (Amendment) Regulations 2014 ( S.I. No. 555
2014 ); (c) the European Union (Third Country Auditors and Audit Entities Equivalence, Transitional Period and Fees) (Amendment) Regulations 2017 ( S.I. No. 67
2017 ). GIVEN under my
ficial Seal, 19 September 2018. HEATHER HUMPHREYS, Minister for Business, Enterprise and Innovation. EXPLANATORY NOTE (This note is not part
the Instrument and does not purport to be a legal interpretation) These Regulations consolidate three existing statutory instruments ( S.I. No. 312
2012 , S.I. No. 555
2014 and S.I. No. 67
2017 ) which transpose Commission Decisions and Commission Implementing Decisions. These Decisions relate to the equivalence
certain third country public oversight, quality assurance, investigation and penalty systems for auditors and audit entities and a transitional period for audit activities
certain third country auditors and audit entities in the European Union, as provided for in Article 46
the EU Audit Directive 2006/43/EC (as amended by Directive 2014/56/EU). The following Regulations are revoked: (a) the European Union (Third Country Auditors and Audit Entities Equivalence, Transitional Period Measures and Fees) Regulations 2012 ( S.I. No. 312
2012 ); (b) the European Union (Third Country Auditors and Audit Entities Equivalence, Transitional Period and Fees) (Amendment) Regulations 2014 ( S.I. No. 555
2014 ); (c) the European Union (Third Country Auditors and Audit Entities Equivalence, Transitional Period and Fees) (Amendment) Regulations 2017 ( S.I. No. 67
2017 ). The Irish Auditing and Accounting Supervisory Authority (IAASA) is the competent authority in Ireland for the purposes
these Commission Decisions, Commission Implementing Decisions and these Regulations. 1 OJ L15, 20.1.2011, p. 12 2 OJ L190, 15.7.2016, p. 80 3 OJ L201, 27.7.2016, p. 23 4 OJ L163, 15.6.2013, p. 26 5 OJ L161, 13.6.2013, p. 4 6 OJ L145, 30.4.2004, p. 1 Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government
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