31 Amendments of Markus FERBER related to 2011/0359(COD)
Amendment 151 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
For the purposes of this Regulation, the definitions laid down in Article 2 of Directive 2006/43/EC shall apply, except for the definitions of ‘audit report’ and ‘competent authority’, ‘competent authority’ and the definition of public interest entities regarding credit institutions as defined in point 1 of Article 4 of the Directive 2006/48/EC, which have not issued transferable securities admitted to trading on a regulated market within the meaning of point 14 of Article 4(1) of Directive 2004/39/EC. Member States may exempt these credit institutions and their statutory auditor(s) or audit firm(s) from the requirements of the regulation.
Amendment 173 #
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Article 10a Tender of non-audit services The administrative or supervisory body shall decide whether a non-audit service shall be subject to an open and transparent tendering procedure unless the value of the fee for such a non-audit service is below the value of the statutory audit fee.
Amendment 176 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
A statutory auditor or an audit firm carrying out a statutory audit of a public- interest entities may providey shall only provide non-audit services to the audited entity, to its parent undertaking and to its controlled undertakings statutory audit services and related financial audit servicesafter having properly assessed threats and potential safeguards in accordance with Article 11. Non-audit services listed in paragraph 2 shall not be provided under any circumstance to the audited entity.
Amendment 183 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2
Article 10 – paragraph 1 – subparagraph 2
Where the statutory auditor or audit firm belongs to a network, ano other member of such network may provide to the audited entity, to its parent undertaking and to its controlled undertakings within the Union statutory non-audit services or related financial audit serviceswhich are compromising the independence of the statutory audit or audit firm.
Amendment 187 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
Amendment 198 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 1
Article 10 – paragraph 3 – subparagraph 1
A statutory auditor or an audit firm carrying out statutory audit of public- interest entities shall not directly or indirectly provide to the audited entity, to its parent undertaking and to its controlled undertakings non-audit services only if they amount to no more than 10% of the value of the audit services.
Amendment 203 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Article 10 – paragraph 3 – subparagraph 2
Where the statutory auditor belongs to a network, no members of such network shall provide to the audited entity, to its parent undertaking and to its controlled undertakings within the Union any non-audit services only if they amount to no more than 10% of the value of the audit services.
Amendment 215 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point a – point i
Article 10 – paragraph 3 – subparagraph 3 – point a – point i
(i) expert services unrelated to the audit, tax consultancy, general management and oincluding decision-taking on behalf of ther advisory servicesudited entity;
Amendment 222 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point a – point ii
Article 10 – paragraph 3 – subparagraph 3 – point a – point ii
(ii) bookkeeping and, payroll services, preparing accounting records and financial statements;
Amendment 226 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point a – point iii
Article 10 – paragraph 3 – subparagraph 3 – point a – point iii
(iii) designing and implementing internal control or risk management proceduresystems related to the preparation and/or control of financingal information included in the financial statements and advice on riskunless this service is insignificant;
Amendment 232 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point a – point iv
Article 10 – paragraph 3 – subparagraph 3 – point a – point iv
(iv) providing valuation services, providing fairness opinions or contribution-in-kind repor including valuations conducted in the context of actuarial services and litigation support services with a material effect on the financial statements;
Amendment 236 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point a – point v
Article 10 – paragraph 3 – subparagraph 3 – point a – point v
(v) actuarial andproviding legal services, includ where the statutory auditor or audit firm acts as an advocate ing the resolution of litigationdisputes and litigation and the amounts at stake are material to the financial statements of the audited entity;
Amendment 239 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point a – point vi
Article 10 – paragraph 3 – subparagraph 3 – point a – point vi
Amendment 242 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point a – point viii
Article 10 – paragraph 3 – subparagraph 3 – point a – point viii
(viii) bproker or dealer, investment adviser, or investment banking servicesviding corporate finance services involving promoting, dealing in or underwriting shares of the audited entity.
Amendment 258 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point b – point i
Article 10 – paragraph 3 – subparagraph 3 – point b – point i
(i) human resources services, including recruiting senior managementconcerning members of senior management who are able to exert significant influence over the preparation of the financial statements;
Amendment 260 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point b – point ii
Article 10 – paragraph 3 – subparagraph 3 – point b – point ii
Amendment 263 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point b – point iv
Article 10 – paragraph 3 – subparagraph 3 – point b – point iv
Amendment 289 #
Proposal for a regulation
Article 10 – paragraph 5 – point a
Article 10 – paragraph 5 – point a
Amendment 290 #
Proposal for a regulation
Article 10 – paragraph 5 – point b
Article 10 – paragraph 5 – point b
Amendment 291 #
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
Amendment 351 #
Proposal for a regulation
Article 25 – paragraph 2 – subparagraph 1
Article 25 – paragraph 2 – subparagraph 1
Competent authorities supervising credit institutions and insurance undertakings shall establish regular a dialogue with the statutory auditors and audit firms carrying out the statutory audit of those institutions and undertakings. The competent authority and the statutory auditor or audit firm shall inform each other about relevant facts or decisions referred to in paragraph 1.
Amendment 355 #
Proposal for a regulation
Article 25 – paragraph 3
Article 25 – paragraph 3
3. The disclosure in good faith to the competent authorities, by the statutory auditor or audit firm, of any fact or decision referred to in paragraph 1 or of any fact during the dialogue foreseen in paragraph 2 shall not constitute a breach of any contractual or legal restriction on disclosure of information and shall not involve such persons in liability of any kind.
Amendment 403 #
Proposal for a regulation
Article 32 – paragraph 6 – subparagraph 1
Article 32 – paragraph 6 – subparagraph 1
In the case of a credit institution or insurance undertaking, the administrative or supervisory board shall submit its draft proposal to the competent authority referred to in Article 35(2) and ESMA. ESMA will consult on such proposals with EBA and EIOPA. The competent authority referred to in Article 35(2) and ESMA shall have the right to veto the choice proposed in the recommendation. Any such opposition shall be duly justified.
Amendment 405 #
Proposal for a regulation
Article 32 – paragraph 6 – subparagraph 2
Article 32 – paragraph 6 – subparagraph 2
The absence of a reply by the competent authority or ESMA within the prescribed time-limit following submission of the audit committee's recommendation shall be considered as constituting an implied consent to the recommendation.
Amendment 483 #
Proposal for a regulation
Article 42 – title
Article 42 – title
Market monitoring of Audit Quality
Amendment 484 #
Proposal for a regulation
Article 42 – paragraph 1 – subparagraph 1
Article 42 – paragraph 1 – subparagraph 1
The competent authorities referred to in Article 35(1) shall regularly monitor the developments in the market for providingproviding high-quality statutory audit services to public-interest entities.
Amendment 485 #
Proposal for a regulation
Article 42 – paragraph 1 – subparagraph 2 – point a
Article 42 – paragraph 1 – subparagraph 2 – point a
(a) the risks arising from high concentration, including the demise of audit firms with significant market share of quality deficiencies of a statutory auditor or audit firm, including systematic deficiencies within an audit firm network, which may lead to the demise of audit firms, the disruption in the provision of statutory audit services whether in a specific sector or across sectors, the further accumulation of risk in the marketof audit deficiencies and the impact on the overall stability of the financial sector;
Amendment 491 #
Proposal for a regulation
Article 46 – paragraph 1 – subparagraph 1
Article 46 – paragraph 1 – subparagraph 1
The cooperation between competent authorities shall be organised within the framework of ESMA under the responsibility of the board of supervisors.
Amendment 493 #
Proposal for a regulation
Article 46 – paragraph 1 – subparagraph 2
Article 46 – paragraph 1 – subparagraph 2
ESMA shall create a permanent internal committee pursuant to Article 41 of Regulation (EU) No 1095/2010 for this purpose. Such internal committee shall be at least composed of the competent authorities referred to in Article 35(1) of this Regulation. The competent authorities referred to in Article 32 of Directive 2006/43/EC shall be invited to attend the meetings of such internal committee concerning matters related to approval and registration of statutory auditors and audit firms and relations with third countries in so far as relevant to the statutory audit of public-interest entities (auditing standing committee). The internal committee may create specific colleges of competent authorities to facilitate quality assurance, investigations, the European Quality Certificate referred to in Article 50, cooperation in inspections, contingency planning and administrative sanctions.
Amendment 494 #
Proposal for a regulation
Article 46 – paragraph 1 – subparagraph 2 a new
Article 46 – paragraph 1 – subparagraph 2 a new
(2a) ESMA shall be adequately staffed, with regard to capacity and expertise, and shall have adequate resources in order to be able to fulfil its tasks provided for in this Regulation.
Amendment 513 #
Proposal for a regulation
Article 69 – paragraph 1 a (new)
Article 69 – paragraph 1 a (new)
Before X.X.20XX [two years after the entry into force of the Regulation], the Commission shall undertake an evaluation of the appropriateness of fees charged by statutory auditors or audit firms for the provision of statutory audits or audit firms for the provision of statutory audits of public-interest entities as well as their impact on the audit market structure, and shall present a report. In the light of that report, the Commission shall, if it considers it appropriate, take measures to address the potential issues identified.