Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

I move amendment No. 28:

In page 121, line 21, to delete “Subject to subsection (6)” and substitute the following:“(a) Subject to paragraph (b), subsection (6)”.

This is a technical amendment to insert a cross-reference to a new subsection (6). The subsection is proposed to be inserted by amendment No. 29 which is a clarification. Section 51 inserts a new section 1573 which is concerned with the registration of third country auditors and third country audit entities. Those third country auditors and third country audit entities whose country's oversight systems have been deemed to be equivalent by the European Commission will be required to have their details included in the public register of auditors held by the Registrar of Companies. These auditors will be able to perform audits of certain undertakings incorporated in third countries, the transferable securities of which are admitted to trading on the Stock Exchange in Ireland. The details of the third country auditors and third country audit entities whose country's oversight systems are deemed to be in a transitional period by the European Commission will not be required to be included in the public register but will be made public by means of the IAASA's website. The difference in treatment is due to the different status that applies to the third countries, the systems of which are deemed to be equivalent and those that are still in transition, according to the European Commission's different determinations.

Amendment No. 29 clarifies that the auditors in the latter group will not be caught by the requirements in section 1573(1) in respect of the public register.