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European Commission
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EUROPEAN COMMISSION DIRECTORATE – GENERAL FOR FINANCIAL STABILITY, FINANCIAL SERVICES AND CAPITAL MARKETS UNION Brussels, 8 February 2018 N OTICE TO STAKEHOLDER S W ITHDRAWAL OF THE U NITED K INGDOM AND EU RULES IN THE FIELD O F S TATUTORY A UDIT The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. This means that, unless a ratified withdrawal agreement 1 establishes another date, all Union primary and secondary law will cease to apply to the United Kingdom from 30 March 2019, 00:00h (CET) (‘the withdrawal date’) . 2 The United Kingdom will then become a ‘third country’. 3 Preparing for the withdrawal is not just a matter for EU and national authorities bu t also for private parties. In view of the considerable uncertainties , in particular concerning the content of a possible withdrawal agreement , statutory auditors and companies subject to audit requirements are reminded of legal repercussions which need t o be considered when the United Kingdom becomes a third country. 4 Subject to any transitional arrangement that may be contained in a possible withdrawal agreement, as of the withdrawal date, the EU rules in the field of statutory audit (in particular the S tatutory Audit Directive 5 ) no longer apply to the United Kingdom. This has in particular the following consequences: 1 Negotiations are ongoing with the United Kingdom with a view to reaching a withdrawal agreement. 2 Furthermore, in accordance with Article 50(3) of the Treaty on European Union, the European Council, in agreement with the United Kingdom, may unanimously decide that the Treaties cease t o apply at a later date. 3 A third country is a country not member of the EU. 4 For procedures on the approval of statutory auditors pursuant to Article 14 of the Statutory Audit Directive that are ongoing on the withdrawal date, the ” Joint report from the negotiators of the European Union and the United Kingdom Government on progress during phase 1 of negotiations under Article 50 TEU on the United Kingdom’s orderly withdrawal from the European Union ” establishes that, in respect of the persons covered in that report, these procedures will be completed under Union law (paragraph 32): ec.europa.eu/commission/publications/joint – report – negotiators – european – union – and – united – kingdom – government – progress – during – phase – 1 – negotiations – under – article – 50 – teu – united – kingdom s – orderly – withdrawal – european – union_en 5 Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, OJ L 157, 9.6.2006, p. 87.
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