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Date: 13-Jun-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 343/2023 of 8 December 2023 amending Annex XXII (Company law) to the EEA Agreement [2024/1448]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • Decision of the EEA Joint Committee No 343/2023 amends Annex XXII (Company law) to the EEA Agreement.
  • The amendment incorporates Commission Implementing Decisions (EU) 2022/1297 and (EU) 2022/1298 into the EEA Agreement, concerning the adequacy and equivalence of the competent authorities of the United States of America regarding public oversight, quality assurance, investigation, and penalties for auditors and audit entities.
  • The decision also repeals obsolete Commission Decision 2010/485/EU and Commission Implementing Decisions (EU) 2016/1155 and 2016/1156 from the EEA Agreement.

Key Changes

  • Point 10fc (Commission Decision 2010/485/EU) is deleted from Annex XXII of the EEA Agreement.
  • Point 10fe (Commission Implementing Decision (EU) 2016/1156) is replaced with Commission Implementing Decision (EU) 2022/1297 of 22 July 2022 on the adequacy of the competent authorities of the United States of America pursuant to Directive 2006/43/EC of the European Parliament and of the Council.
  • Point 10ff (Commission Implementing Decision (EU) 2016/1155) is replaced with Commission Implementing Decision (EU) 2022/1298 of 22 July 2022 on the equivalence of the systems of public oversight, quality assurance, investigation and penalties for auditors and audit entities of the competent authorities of the United States of America pursuant to Directive 2006/43/EC of the European Parliament and the Council.
  • The decision enters into force on 9 December 2023, provided that all notifications under Article 103(1) of the EEA Agreement have been made.

Impact Analysis

Auditors and Audit Entities

  • Action Items: Discontinue reliance on the repealed decisions (2010/485/EU, 2016/1155, and 2016/1156).

Competent Authorities

  • Action Items: Ensure ongoing monitoring of compliance with the decisions.

Companies subject to EEA Agreement

  • Action Items: Ensure compliance with any new requirements arising from the updated regulations.

Key Entities Referenced

EEA Joint Committee: The governing body responsible for amending the Annexes to the EEA Agreement. European Commission: The executive branch of the European Union, responsible for issuing implementing decisions regarding the adequacy and equivalence of third-country authorities. United States of America Competent Authorities: The regulatory bodies in the United States responsible for the public oversight, quality assurance, investigation, and penalties for auditors and audit entities. Directive 2006/43/EC: Directive of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts. EEA Agreement: Agreement on the European Economic Area
Official Source Record View Original Source →
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Official Journal EN of the European Union L series 2024/1448 13.6.2024 DECISION OF THE EEA JOINT COMMITTEE No 343/2023 of 8 December 2023 amending Annex XXII (Company law) to the EEA Agreement [2024/1448] THE EEA JOINT COMMITTEE, Having regard to the Agreement on the European Economic Area (“the EEA Agreement”), and in particular Article 98 thereof, Whereas: (1) Commission Implementing Decision (EU) 2022/1297 of 22 July 2022on the adequacy of the competent authorities of the United States of America pursuant to Directive 2006/43/EC of the European Parliament and of the Council(1) is to be incorporated into the EEA Agreement. (2) Commission Implementing Decision (EU) 2022/1298 of 22 July 2022on the equivalence of the systems of public oversight, quality assurance, investigation and penalties for auditors and audit entities of the competent authorities of the United States of America pursuant to Directive 2006/43/EC of the European Parliament and the Council(2)is to be incorporated into the EEA Agreement. (3) Commission Decision 2010/485/EU(3) and Commission Implementing Decisions (EU) 2016/1155(4) and 2016/1156(5), which are incorporated into the EEA Agreement, have become obsolete and are consequently to be repealed under the EEA Agreement. (4) Annex XXII to the EEA Agreement should therefore be amended accordingly, HAS ADOPTED THIS DECISION: Article 1 Annex XXII to the EEA Agreement shall be amended as follows: 1. The text of point 10fc (Commission Decision 2010/485/EU) is deleted. 2. The text of point 10fe (Commission Implementing Decision (EU) 2016/1156) is replaced by the following: ‘32022 D 1297: Commission Implementing Decision (EU) 2022/1297 of 22 July 2022 on the adequacy of the competent authorities of the United States of America pursuant to Directive 2006/43/EC of the European Parliament and of the Council (OJ L 196, 25.7.2022, p. 134).’ 3. The text of point 10ff (Commission Implementing Decision (EU) 2016/1155) is replaced by the following: ‘32022 D 1298: Commission Implementing Decision (EU) 2022/1298 of 22 July 2022on the equivalence of the systems of public oversight, quality assurance, investigation and penalties for auditors and audit entities of the competent authorities of the United States of America pursuant to Directive 2006/43/EC of the European Parliament and the Council (OJ L 196, 25.7.2022, p. 138).’ (1) OJ L 196, 25.7.2022, p. 134. (2) OJ L 196, 25.7.2022, p. 138. (3) OJ L 240, 11.9.2010, p. 6. (4) OJ L 190, 15.7.2016, p. 80. (5) OJ L 190, 15.7.2016, p. 83. ELI: http://data.europa.eu/eli/dec/2024/1448/oj 1/2EN OJ L, 13.6.2024 Article 2 The texts of Implementing Decisions (EU) 2022/1297 and (EU) 2022/1298 in the Icelandic and Norwegian languages, to be published in the EEA Supplement to the Official Journal of the European Union, shall be authentic. Article 3 This Decision shall enter into force on 9 December 2023, provided that all the notifications under Article 103(1) of the EEA Agreement have been made(*). Article 4 This Decision shall be published in the EEA Section of, and in the EEA Supplement to, the Official Journal of the European Union. Done at Brussels, 8 December 2023. For the EEA Joint Committee The President Pascal SCHAFHAUSER (*) No constitutional requirements indicated. 2/2 ELI: http://data.europa.eu/eli/dec/2024/1448/oj

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