The Commission has launched a consultation with the market for the adoption of the Regulation on the supervision of Third Country auditors and audit entities.

The regulatory intervention is aimed at issuing the regulatory provisions implementing Articles nos. 35, paragraph 3 and 36, paragraph 4 of the Legislative Decree of 27 January, no. 39, following the issuing of the Regulation of the Ministry of Economy and Finance (MEF) of 1 September 2022, no. 174 (published in the Official Journal of 11 November, and in force from 26 November 2022), with which the rules for the registration of these auditors in a special section of the Register of statutory auditors were established.

In this regard - due to the termination of the current transitional regime - it should be noted that the MEF Regulation provides that foreign auditors already registered by Consob in the appropriate Section of the Special Register of auditing firms, present to the MEF, within 90 days of entry into force, a new application for entry in Part A or Part B of the section of the Register of auditors, depending on the case.

Furthermore, the provisions of the MEF relating to equivalent Third-Country euditors who benefit from exemptions and the deadline for submitting the application for registration in Part B of the Section of the Register of statutory auditors, shall apply from the entry into force of the regulatory provisions pertaining to the Consob.