02007R1569 — EN — 01.01.2015 — 002.001

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COMMISSION REGULATION (EC) No 1569/2007

of 21 December 2007

establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council

(OJ L 340 22.12.2007, p. 66)

Amended by:

 

 

Official Journal

  No

page

date

►M1

COMMISSION DELEGATED REGULATION (EU) No 310/2012 of 21 December 2011

  L 103

11

13.4.2012

►M2

COMMISSION DELEGATED REGULATION (EU) 2015/1605 of 12 June 2015

  L 249

3

25.9.2015



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COMMISSION REGULATION (EC) No 1569/2007

of 21 December 2007

establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council



Article 1

Subject matter

This Regulation lays down the conditions under which the Generally Accepted Accounting Principles of a third country may be considered equivalent to International Financial Reporting Standards (hereinafter IFRS) and introduces a mechanism for the determination of such equivalence.

Article 2

Equivalence

The Generally Accepted Accounting Principles of a third country may be considered equivalent to IFRS adopted pursuant to Regulation (EC) No 1606/2002 if the financial statements drawn up in accordance with Generally Accepted Accounting Principles of the third country concerned enable investors to make a similar assessment of the assets and liabilities, financial position, profit and losses and prospects of the issuer as financial statements drawn up in accordance with IFRS, with the result that investors are likely to make the same decisions about the acquisition, retention or disposal of securities of an issuer.

Article 3

Equivalence mechanism

The decision on the determination of the equivalence of the Generally Accepted Accounting Principles of a third country may be taken on the initiative of the Commission, upon application submitted by the competent authority of a Member State or upon application of an authority responsible for accounting standards or market supervision of a third country.

Where the Commission decides to make a determination of equivalence, whether on an application or on its own initiative, it shall make that decision public.

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Article 4

Conditions for the acceptance of third country accounting standards for a limited period

1.  

Third country issuers may be permitted to use financial statements drawn up in accordance with the accounting standards of a third country in order to comply with obligations under Directive 2004/109/EC and, by derogation from Article 35(5) of Regulation (EC) No 809/2004, to provide historical financial information under that Regulation for a period commencing any time after 31 December 2008 and expiring no later than ►M2   31 March 2016  ◄ in the following cases:

(a) 

the third country authority responsible for the national accounting standards concerned has made a public commitment to converge these standards with International Financial Reporting Standards at the latest by ►M2  31 March 2016 ◄ and both the following conditions are met:

(i) 

the third country authority responsible for the national accounting standards concerned has established a convergence programme that is comprehensive and capable of being completed before ►M2  31 March 2016 ◄ ;

(ii) 

the convergence programme is effectively implemented, without delay, and the resources necessary for its completion are allocated to its implementation;

(b) 

the third country authority responsible for the national accounting standards concerned has made a public commitment to adopt International Financial Reporting Standards before ►M2  31 March 2016 ◄ and effective measures are taken in the third country to secure their timely and complete implementation by that date.

2.  
Any decision under paragraph 1 to permit the continued acceptance of financial statements drawn up in accordance with the accounting standards of a third country shall be made in accordance with the procedure referred to in Article 24 of Directive 2003/71/EC and Article 27(2) of Directive 2004/109/EC.
3.  
Where the Commission permits the continued acceptance of financial statements drawn up in accordance with the accounting standards of a third country in accordance with paragraph 1, it shall review regularly whether the conditions specified in point (a) or (b) (as the case may be) continue to be met, and shall report accordingly to the European Parliament.
4.  
If the conditions in point (a) or (b) of paragraph 1 are no longer met, the Commission shall take a decision in accordance with the procedure referred to in Article 24 of Directive 2003/71/EC and Article 27(2) of Directive 2004/109/EC amending its decision under paragraph 1 in respect of these accounting standards.
5.  
When complying with this Article, the Commission shall first consult ESMA on the convergence programme or the progress towards adoption of IFRS, as the case may be.

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Article 5

This Regulation shall enter into force on the third day following its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.


( 1 )  OJ L 345, 31.12.2003, p. 64.

( 2 )  OJ L 390, 31.12.2004, p. 38.

( 3 )  OJ L 243, 11.9.2002, p. 1.