March 2007

Response to the European Commission's consultation on implementation of articles 45-47 of the Directive on Statutory Audit.

The Exchange has responded to the European Commission's consultation on implementation of articles 45-47 of the Directive on Statutory Audit. These articles apply the directive to (non-EU) auditors of third country issuers. We fully support the consultation, which proposes equivalence provisions and transitional arrangements for such auditors.

It is very important to find flexible, workable solutions in order to implement the Directive in a proportionate manner. This requires careful attention in order to ensure that the goal of enhancing investor protection is achieved without damaging the attractiveness of EU capital markets to new and existing issuers. This can best be achieved by a pragmatic, principles based approach.

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Response to Commission 8th Directive (file pdf - 156 KB)