BETA

Activities of Klaus-Heiner LEHNE related to 2011/0359(COD)

Legal basis opinions (0)

Amendments (54)

Klaus-Heiner LEHNE, Hubert PIRKER, Herbert DORFMANN

Proposal for a regulation
Recital 7 a (new)

(7a) Where a cooperative within the meaning of Article 2(14), or a similar entity as referred to in Article 45 of Directive 86/635/EEC, a subsidiary or a legal successor, a savings bank or similar entity as referred to in Article 45 of Directive 86/635/EEC is required or permitted under national provisions to be a member of a non-profit-making auditing entity, an objective, reasonable and informed party would not conclude that the membership-based relationship compromises the statutory auditor's independence, provided that when such an auditing entity is conducting a statutory audit of one of its members, the principles of independence in Chapter I are applied to the auditors carrying out the audit and those persons who may be in a position to exert influence on the statutory audit.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Recital 11

(11) The provision of services other than statutory audit to audited entities by statutory auditors, audit firms or members of their networks may compromise their independence. Therefore, it is appropriate to require the statutory auditor, the audit firm and the members of their network not to provide prohibited non-audit services to their audited entities in the period covered by the financial statements to be audited. The provision of non-audit services by an audit firm to a company would prevent that audit firm from carrying out statutory audit of that company, thus resulting in a reduction of the audit firms available to provide statutory audit, in particular with regard to the audit of large public-interest entities where the market is concentrated. As a result, in order to secure that a minimum number of audit firms is able to provide audit services to large public- interest entities, it is appropriate to request that audit firms of significant dimension focus their professional activity on the carrying out of statutory audit and are not allowed to undertake other services unconnected to their statutory audit function such as consultancy or advisory services.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Recital 22

(22) In order to increase the confidence in and the liability of the statutory auditors and audit firms carrying out the statutory audit of public-interest entities, it is important that the transparency reporting by statutory auditors and audit firms is increased. Therefore, statutory auditors and audit firms should be required to disclose audited financial information, showing in particular their total turnover divided into audit fees paid by public- interest entities, audit fees paid by other entities and fees for other services. They should also disclose financial information at the level of the network to which they belong. The transparency reports of audit firms should be completed by a statement on corporate governance with a view to showing whether the audit firm maintains arrangements for sound corporate governance. Additional supplementary information on audit fees should be provided to competent authorities with a view to facilitating their supervisory tasks.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Recital 23

(23) Audit committees, or bodies performing an equivalent function within the audited entity, have a decisive role in contributing to high-quality statutory audit. It is particularly important to reinforce the independence and technical competence of the audit committee by requiring that a majority of its members is independent and that at least one member of the committee has competence in auditing and another one in auditing and/or accounting. The Commission Recommendation of 15 February 2005 on the role of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board26 sets out how audit committees should be established and function. Considering, however, the dimension of boards in companies with reduced market capitalisation and in small and medium- sized public-interest entities, it would be appropriate that the functions assigned to the audit committee for those entities, or to a body performing equivalent functions within the audited entity, may be performed by the administrative or supervisory body as a whole. Public- interest entities which are UCITS or alternative investment funds should also be exempted from the obligation to have an audit committee. This exemption takes into account the fact that where those funds function merely for the purpose of pooling assets, the employment of an audit committee is not appropriate. UCITS and alternative investments funds, as well as their management companies, operate in a strictly defined regulatory environment and are subject to specific governance mechanisms such as controls exercised by their depositary.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Recital 24

(24) It is also important that the role of the audit committee in the selection of a new statutory auditor or audit firm be reinforced, for the benefit of a more informed decision of the general meeting of shareholders or members of the audited entity. Hence, when making a proposal to the general meeting, the board should explain whether it follows the recommendation of the audit committee and, if not, why. The recommendation of the audit committee should include at least two possible choices for the audit engagement and a duly justified preference for one of them, so that the general meeting can make a real choice. In order to provide a fair and proper justification in its recommendation, the audit committee should use the results of a mandatory selection procedure organised by the audited entity, under the responsibility of the audit committee. In such selection procedure, the audited entity should invite statutory auditors or audit firms, including smaller ones, to present proposals for the audit engagement. Tender documents should contain transparent and non- discriminatory selection criteria to be used for the evaluation of proposals. Considering, however, that this selection procedure could entail disproportionate costs for companies with reduced market capitalisation or small and medium-sized public-interest entities having regard to their dimension, it is appropriate to relieve such entities from this obligation.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Recital 25

(25) The right of the general meeting of shareholders or members of the audited entity to choose the statutory auditor or the audit firm would be of no value if the audited entity were to enter into a contract with a third party providing for a restriction of such choice. Therefore any contractual clause entered into by the audited entity with a third party regarding the appointment or restricting the choice of a particular auditor or audit firm should be considered null and void.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Recital 26

(26) The appointment of more than one statutory auditor or audit firm by the public-interest entities would reinforce the professional scepticism and contribute to increasing audit quality. Also, this measure combined with the presence of smaller audit firms would facilitate the development of the capacity of such firms, thus contributing to increasing the choice of statutory auditors and audit firms for public-interest entities. Therefore, the latter should be encouraged and incentivised to appoint more than one statutory auditor or audit firm to carry out the statutory audit.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Recital 28

(28) In order to protect the independence of the auditor, it is important that dismissal should be possible only where there are proper grounds and if those grounds are communicated to the authority or authorities responsible for supervision. Where there are proper grounds, but the audited entity does not act, the audit committee, the shareholders, the competent authorities responsible for the supervision of auditors and audit firms or the competent authorities responsible for the supervision of the public-interest entity should be empowered to bring a case before a national court on the dismissal of the auditor.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Recital 36

(36) The cooperation between the competent authorities of the Member States can make an important contribution to ensuring consistently high quality in the statutory audit in the Union. Therefore, the competent authorities of the Member States should cooperate with each other, where necessary, for the purpose of carrying out their supervisory duties regarding statutory audits. They should respect the principle of home-country regulation and oversight by the Member State in which the statutory auditor or audit firm is approved and the audited entity has its registered office. The cooperation between competent authorities would be particularly enhanced if organised within the framework of the Joint Committee of European Supervisory Authorities (ESA), under the leadership of the European Securities and Markets Authority (ESMA) set up by Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities Market Authority)29. ESMA, with the assistance of the European Banking Authority (EBA) set up by Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority)30 and the European Insurance and Occupational Pensions Authority (EIOPA) set up by Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority)31 ,European Group of Auditors' Oversight Bodies (EGAOB) which should contribute to that cooperation by providing advice ~~and guidelines to national competent authorities~~to the European Commission.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Recital 41

(41) In order to improve compliance with the requirements of this Regulation and following the Commission Communication of 9 December 2010 entitled ‘Reinforcing sanctioning regimes in the financial sector’, the power to adopt supervisory measures and the sanctioning powers of competent authorities should be enhanced. Administrative pecuniary sanctions on statutory auditors, audit firms and public-interest entities for identified violations should be foreseen. The competent authorities should be transparent about the sanctions and measures they apply. The adoption and publication of sanctions should respect fundamental rights as laid down in the Charter of Fundamental Rights of the European Union, in particular the right to respect for private and family life (Article 7), the right to the protection of personal data (Article 8) and the right to an effective remedy and to a fair trial (Article 47).deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE, Hubert PIRKER, Herbert DORFMANN

Proposal for a regulation
Article 2 – paragraph 1 a (new)

1a. Member States may exempt public- interest entities 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 and their statutory auditor(s) or audit firm(s) from one or more of the requirements of this Regulation.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point j

(j) a statutory auditor or an audit firm shall have adequate remuneration policies providing sufficient performance incentives to secure audit quality. In particular, the compensation and performance evaluation of employees, including key audit partners, shall not be contingent on the amount of revenue that the statutory auditor or the audit firm derives from ~~the audited entity~~selling non-assurance services to the audited entity; this does not preclude normal profit-sharing arrangements between partners of a firm;

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE, Hubert PIRKER, Herbert DORFMANN

Proposal for a regulation
Article 9 – paragraph 3 a (new)

3a. Where Article 37 (2) of Directive 2006/43/EC applies paragraph 2 and 3 of this Article shall not apply.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 10 – title

Pro~~hibition of the pro~~vision of non-audit services

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 10 – paragraph 2 – point f a (new)

(fa) an audit of the financial information of a group component, an audit of one or more account balances, classes of transactions or disclosures relating to the likely significant risks of material misstatement of the group financial statements; specified audit procedures relating to the likely significant risks of material misstatement of the group financial statements.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point a – point v a (new)

(va) legal or tax advisory services that extend beyond the presentation of structuring alternatives and that would have a direct and material impact on the financial statements to be audited;

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 3

~~Being~~The involvedment of the member of the network in the decision-taking of the audited entity and ~~the provision of the services referred to in points (ii) and (iii) of paragraph 3(a)~~ shall be considered as affecting such independence in all cases.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 10 – paragraph 6

~~6. The Commission shall be empowered to adopt~~ delegated acts in accordance with Article 68 for the purpose of adapting the list of related financial audit services referred to in paragraph 2 and the list of non-audit services referred to in paragraph 3 of this Article. When using such powers, the Commission shall take into account developments in auditing and the audit profession.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 11 – paragraph 3

3. A statutory auditor or audit firm shall keep records of the assessments referred to in paragraphs 1 and 2 and shall document in the audit working papers all significant threats to his, her or its independence as well as the safeguards applied to mitigate those threats.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 20 – paragraph 1

The statutory auditor(s) or the audit firm(s) shall comply with the international auditing standards ~~referred to in~~as adopted under Article 26 of Directive 2006/43/EC when carrying out the statutory audit of public-interest entities as long as those standards are in conformity with the requirements of this Regulation.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 22 – paragraph 2 – point c a (new)

(ca) report on - whether the management report has been prepared in accordance with the applicable legal requirements - whether according to the auditor's knowledge and understanding of the undertaking and its environment obtained during the course of the audit, the management report as a whole suitably presents the undertaking's position, the opportunities and principal risks and uncertainties of its likely future development.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 22 – paragraph 2 – point e

~~(e) indicate the date of the appointment and the period of total uninterrupted engagement including previous renewals and reappointments;~~deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 22 – paragraph 2 – point t

(t) give an opinion which shall state clearly the opinion of the statutory auditor(s) or the audit firm(s) as to whether the annual or consolidated financial statements as well as the management report give a true and fair view and have been prepared in accordance with the relevant financial reporting framework and, where appropriate, whether the annual or consolidated financial statements as well as the management report comply with statutory requirements; the audit opinion shall be either un~~qual~~modified, qualified, an adverse opinion or, if the statutory auditor(s) or audit firm(s) are unable to express an audit opinion, a disclaimer of opinion. In case of a qualified or an adverse opinion or a disclaimer of opinion, the report shall explain the reasons of such decision;

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 22 – paragraph 2 – point w

~~(w) identify where the statutory auditor(s) or audit firm(s) is established.~~deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 22 – paragraph 6

6. Article 35 of Directive [XXX] on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings shall not apply to audit reports of public-interest entities.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 1

The statutory auditor(s) or the audit firm(s) ~~carrying out statutory audit of public- interest entities~~ shall submit an additional report to the audit committee of the audited entity.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 23 – paragraph 2 – point a a (new)

(aa) if not already disclosed in the management report or the annual financial statements for the same financial year, indicate the date of the appointment of the statutory auditor(s) or the audit firm and the period of total uninterrupted engagement including previous renewals and reappointments of the statutory auditor(s) or the audit firm;

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 23 – paragraph 2 – point h a (new)

(ha) provide for each significant audit risk – as defined in accordance with the international standards on auditing referred to in Article 26 of Directive 2006/43/EC – information which shall include the following: i. a description of the most important assessed risks of material misstatement, including assessed risk(s) of material misstatement due to fraud ii. a summary of the auditor's response to those risks; and iii. key observations from that audit work. Where relevant to the above information provided in the additional report to the audit committee on each significant audit risk, a clear reference to the relevant disclosures in the financial statements shall be provided. The information referred to above in respect of most important assessed risks of material misstatement that is to be disclosed in the additional report to the audit committee shall be selected from the matters discussed with the audit committee of the entity in accordance with the requirements of the international auditing standards as referred to in Article 26 of Directive 2006/43/EC

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 23 – paragraph 2 – point j

~~(j) provide full details of all guarantees, comfort letters, undertakings of public intervention and other support measures that have been relied upon when making a going concern assessment;~~deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 23 – paragraph 2 a (new)

2a. The statutory auditor or audit firm has to discuss the additional report with the audit committee.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 26

~~[...]~~deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 27

~~[...]~~deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 28

~~[...]~~deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 29

Article 29 Information to competent authorities A statutory auditor or audit firm shall provide annually to his, her or its competent authority a list of the audited public-interest entities by revenue generated from them.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 30

Article 30 Record keeping Statutory auditors and audit firms shall keep the documents and information referred to in Article 6(1), Article 9(3), Article 11(3) and (4), Article 16(2) to (6), Article 17(1) and (2), Article 18(1) and (3), Article 19(3) to (6), Articles 22, 23 and 24, Article 25(1) and (2), Article 29, Article 32(2), (3), (5) and (6), Article 33(6) and Article 43(4) for a period of five years following the production of such documents or information. Member States may require statutory auditors and audit firms to keep the documents and information referred to in the first subparagraph for a longer period in accordance with their rules on personal data protection and administrative and judicial proceedings.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 31

~~[...]~~deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 32

~~[...]~~deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 34

Article 34 Dismissal and resignation of the statutory auditors or audit firms 1. Without prejudice to Article 38(1) of Directive 2006/43/EC, the audited entity and the statutory auditor or audit firm shall inform the competent authority concerning the dismissal or resignation of the statutory auditor or audit firm during the term of appointment and give an adequate explanation of the reasons thereof. Where a Member State has appointed other competent authorities for the purpose of Title III of this Regulation in accordance with Article 35(2), such competent authority shall forward this information to the competent authority referred to in Article 35(1). 2. The audit committee, one or more shareholders, the competent authorities referred to in Article 35(1) or 35(2) shall be able to bring a claim before a national court for the dismissal of the statutory auditor(s) or audit firm(s) where there are proper grounds. Where the condition laid down in Article 6(2) of Directive 2007/36/EC applies, it shall also apply to shareholders exercising the power described in the first subparagraph. In case that the audited entity is exempted from the obligation to have an audit committee, the audited entity shall decide which body or organ of the entity shall perform its functions for the purposes of this paragraph.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 35 – paragraph 1 – subparagraph 1

Each Member State shall designate a competent authorityies responsible for carrying out the tasks provided for in this Regulation and for ensuring that the provisions of this Regulation are applied.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE, Hubert PIRKER, Herbert DORFMANN

Proposal for a regulation
Article 35 – paragraph 1 – subparagraph 2 – point c

(c) the competent authorityies referred to in Article 32 of Directive 2006/43/EC.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 38 – paragraph 5 – subparagraph 1

Where a cooperative within the meaning of Article 2(14) of Directive 2006/43/EC or a similar entity as referred to in Article 45 of Directive 86/635/EEC is required or permitted under national law to be a member of a non-profit-making auditing entity, ~~the competent authority referred to in Article 35(1) may decide that certain provisions set out under~~Member States may decide that this Regulation shall not apply to the statutory audit of such entity provided that the principles of independence laid down in Chapter I of this Regulation are complied with by the statutory auditor carrying out the statutory audit and by persons who may be in a position to influence the statutory audit. For the purpose of deciding upon such exceptional situations of non-application of certain provisions of this Regulation, the competent authority referred to in Article 35(1) shall consult the supervisory authority of the cooperative or the similar entity where appropriate.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 38 – paragraph 5 – subparagraph 2

The competent authority referred to in Article 35(1) shall inform ESMA of such exceptional situations of non-application of certain provisions of this Regulation. It shall communicate ESMA the list of provisions of this Regulation that have not been applied to the statutory audit of the entities referred to in paragraph 5 and the reasons that justified the exemption granted for such non-application.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 46 – title

E~~SMA~~uropean Group of Auditors' Oversight Bodies (EGAOB).

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 46 – paragraph 1 – subparagraph 1

The cooperation between competent authorities shall be organised within the framework of E~~SMA~~GAOB.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
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 entitiesThe EGAOB shall be composed of the competent authorities designated by Member States in accordance with Article 35 (1) of this Regulation.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 46 – paragraph 1 – subparagraph 3

E~~SMA~~GAOB shall cooperate with EBA ~~and~~, EIOPA ~~within the framework of the Joint Committee of the European Supervisory Authorities established in Article 54 of Regulation (EU) No 1095/2010~~and ESMA.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 46 – paragraph 1 – subparagraph 4

E~~SMA~~GAOB shall take over, as appropriate, all existing and ongoing tasks from the European Group of Auditors Oversight Bodies (EGAOB) created by Decision 2005/909/EC.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 46 – paragraph 2

2. E~~SMA~~GAOB shall provide advice to the competent authorities in the cases provided for in this Regulation. The Competent authorities shall consider that advice before taking any final decision under this Regulation.

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 46 – paragraph 3

~~3. [...]~~deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 46 – paragraph 4

4. By X X 20XX [four years after the entry into force of the Regulation], and at least at on a two-year basis thereafter, ESMA shall prepare a report on the application of this Regulation. ESMA shall consult EBA and EIOPA before making public its report. In a report to be prepared by X X 20XX [two years after the entry into force of the Regulation], ESMA shall undertake an evaluation of the structure of the audit market . For the purpose of this report, ESMA shall examine the influence of Member States' civil liability systems for statutory auditors on the audit market structure. In a report to be prepared by ESMA by X X 20XX [four years after the entry into force of the Regulation], shall examine whether the competent authorities referred to in Article 35(1) are sufficiently empowered and have adequate resources to carry out their tasks. In a report to be prepared by ESMA by X X 20XX [six years after the end of the transitional period], shall examine the following issues: (a) the changes in the audit market structure; (b) the changes in the patterns of cross- border activity, including as a result of the changes introduced to Chapter II of Directive 2006/43/EC by Directive xxxx/xx/EU; (c) an interim assessment on the improvement of audit quality and the impact of this Regulation on small and medium-sized enterprises which are public-interest entities. In a report, to be prepared by X X 20XX [twelve years after the entry into force of the Regulation], ESMA shall undertake an evaluation of the impact of this Regulation.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 46 – paragraph 5

5. Before X X 20XX [three years after the entry into force of the Regulation] the Commission shall present a report, on the basis of the ESMA reports and other appropriate evidence, on the impact of the national liability rules for statutory auditors on the audit market structure. In the light of that report, the Commission shall take the steps it considers appropriate as a result of its findings.deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Title 5

~~[...]~~deleted

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Article 68 a (new)

Article 68 a Organization of EGAOB The EGAOB shall organize its own operational arrangements and adopt its own rules of procedure. The rules of procedure shall amongst others stipulate the election of a chairperson from among its members, funding arrangements by the members and the establishment of working groups. The EGAOB shall publish an annual report. The EGAOB shall take up its duties at the latest on X.X.20XX [three months after the entry into force of the Regulation].

2012/11/09
Committee: JURI

Klaus-Heiner LEHNE

Proposal for a regulation
Annex 1

~~[...]~~deleted

2012/11/09
Committee: JURI