Database on German and European Economic Law

 Regulation (EU) No 537/2014

I. Description

This Regulation lays down requirements for the carrying out of the statutory audit of annual and consolidated financial statements of public-interest entities, rules on the organisation (Art. 4 - 15) and selection of statutory auditors and audit firms by public-interest entities to promote their independence and the avoidance of conflicts of interest (Art. 16 - 19) and rules on the supervision of compliance by statutory auditors and audit firms with those requirements (Art. 20 ff.).

The measures adopted both in Europe and elsewhere in the direct aftermath of the financial crisis have mainly focused on the urgent need to stabilise the financial system. While the role played by banks, hedge funds, rating agencies, supervisors or central banks has been questioned and analysed in depth in many instances, little or no attention had been given to the role auditors played in the crisis – or indeed the role they should have played. Given that
many banks revealed huge losses from 2007 to 2009 on the positions they had held both on and off balance sheet, it is difficult for many citizens and investors to understand how auditors could give clean audit reports to their clients (in particular banks) for those periods. (Source: COM(2011) 779 final)

II. General Information

Title

Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC

Status
Existing
Regulation
(EU) No 537/2014
Source
O.J. EU No L (Legislation), Edition 158, Year 2014, p.77-112
Adoption
04/16/2014
Promulgation
05/27/2014
Character
Regular Act
Legal Basis
Art. 114 AEUV
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text :
Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC

  (EU) No 537/2014

Beschluss:
04/16/2014 (A)
Verkuendung:
05/27/2014 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
04/26/2012
Opinion of the European Economic and Social Committee
ABL 2012/C 191/61
04/13/2012
Opinion of the European Data Protection Supervisor
ABL 2012/C 336/4
11/30/2011
Proposal
COM(2011) 779 final

3. Comments

Datum
Stellungnahme
Textfassungen
02/23/2012
Bundesarbeitskammer (AK)
Comment on: Kommissionsvorschlag
01/27/2012
Wirtschaftsprüferkammer (WPK)
Comment on: Kommissionsvorschlag
01/27/2012
Deutscher Industrie- und Handelskammertag (DIHK)
Comment on: Kommissionsvorschlag

4. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Repeal
  Decision 2005/909/EC

Legend

Legislative Act Status

Documents

This page is available in other languages.

Admin Navigation

Diese Seite durchsuchen

Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Comments
4. Legal Impact
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany