AI Summary of 1641. Registration of third-country audit firms and third-country audit entities for assurance of sustainability reporting
1641. Registration of third-country audit firms and third-country audit entities for assurance of sustainability reporting
(a) Subject to paragraph (b) and Chapter 21 of Part 27 as applied by subsection (2), the Supervisory Authority shall, in accordance with the relevant provisions of Chapter 5 of Part 27, section 1636 and Schedules 20 and 24, cause to be registered in each year in the public register every third-country auditor and third-country audit entity that indicates, in writing to it, his or her intention to provide an assurance report concerning the sustainability reporting of an applicable company that falls within section 1573(3).
(b) Paragraph (a) shall not apply to a third-country auditor or third-country audit entity that provides assurance reports of undertakings incorporated in third countries in respect of which -
(i) the Commission has not yet made a decision that the public oversight, quality assurance and investigation and penalty systems for third-country auditors and third-country audit entities meet requirements which shall be considered equivalent to those of Articles 29, 30 and 32 of the Audit Directive, or
(ii) such a decision was made but for a specified period of time which has now expired.