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Supervisory Law Monitoring Organisations

Original Language Title: Wet toezicht accountantsorganisaties

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Law of 19 January 2006 on the supervision of auditing organisations (Law Monitoring Auditing Organisations)

We Beatrix, at the grace of God, Queen of the Netherlands, Princess of Orange-Nassau, etc. etc. etc.

All of them, who will see or hear these, saluut! do know:

In particular, we considered that in order to ensure the public function of the auditor's declaration and to promote confidence in the financial markets, it is desirable that rules should be laid down for: auditors and auditors conducting statutory audits and that independent public oversight of compliance with those rules is conducted;

In this way, we, the Council of State, and with the mean consultations of the States-General, have been well-regarded and understood to be right and to be understood by the following:

Chapter 1. Definitions and scope

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Article 1

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  • 1 The following provisions shall be defined in this Act and the provisions based thereon, except where otherwise specified:

    • a. auditing organisation: an undertaking or establishment that carries out statutory audits, or an organisation in which undertakings or institutions are linked;

    • (b) "audit" shall mean a written communication on the outcome of a statutory audit;

    • c. audit firm: undertaking or institution authorised by the supervisory authority of another Member State to carry out the checks referred to in Article 2 (1) of the Directive;

    • d. Financial Markets Authority: The Foundation for Financial Markets;

    • e. Control-based: the undertaking or establishment which gives a contract to an accounting organisation to carry out a statutory audit;

    • f. External Auditor: the natural person employed in, or linked to, an audit organisation and responsible for the implementation of a statutory audit;

    • g. Member State: a Member State of the European Union and a State other than a Member State of the European Union, which is a Party to the Agreement on the European Economic Area;

    • (h) audit body of a third country: undertaking or establishment carrying out the audit of the annual or consolidated accounts of an undertaking having a registered office in a State which is not a Member State;

    • i. third-country auditor: natural person employed in, or associated with, an audit organisation of a third country and responsible for carrying out the audit of the annual accounts or consolidated accounts of a third country; undertaking having a seat in a State which is not a Member State;

    • j. network: a partnership to which an audit organisation belongs, which is clearly focused on the sharing of profits or costs, or where clearly:

      • 1 °. common ownership, control or administration;

      • 2. joint policies and procedures relating to quality control;

      • 3 °. a joint business strategy;

      • 4 °. a common brand name; or

      • 5 °. Parts of a significant part of the business resources;

    • k. Our Minister: Our Minister of Finance;

    • (l) organisation of public interest:

    • m. Directive: Directive No 2006 /43/EC of the European Parliament and of the Council of the European Union of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Directives 78 /660/EEC and 83 /349/EEC, and repealing Council Directive 84 /253/EEC (PbEU L 157);

    • n. Supervisory body: public body or body designated by public authority, which is responsible for the supervision of audit firms or audit entities of a third country;

    • o. voluntary control: a non-compulsory control of financial responsibility by or under the law of undertakings or institutions corresponding to the content of a statutory audit;

    • (c) statutory audit: an audit of a financial responsibility of an undertaking or a social security institution which is required to be made by or by virtue of the obligations of the Annex legal provisions referred to in this Act.

  • 2 The Annex It may be amended by a general measure of management referred to in paragraph 1 (p).


Article 2

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In the case of, or under general management, categories of undertakings, institutions or public bodies whose size or function in social traffic are such as to be of such a nature as to be of an unsound statutory nature the control of financial accountability can have a significant impact on confidence in the public function of the auditor's declaration.


Article 3

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In the case of a general measure of administration, on the proposal of our Minister and our Minister to which it is addressed, voluntary checks may be designated to which this Law applies.


Article 4

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The nomination for a general measure of management as referred to in the Article 1, second paragraph , 2 , 3 , 11, third member , 15, second paragraph , 18, third member , 19, third member , 21, second paragraph , 22 , 25 , 25a, third member , 26, second and third members , and 28 shall not be done earlier than four weeks after presentation to the two Chambers of the States General.

Chapter 2. Access to the market

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Section 2.1. Authorisation

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Article 5

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  • 1 It is prohibited to carry out a statutory audit without obtaining a licence from the Authority's Financial Markets.


Article 6

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  • 1 The Financial Markets Authority grants a licence to an applicant who does not have an auditing organisation as referred to in Article 5, second paragraph , is, and has been shown to satisfy himself and the external auditors attached to him or to his/her external auditors, to the fulfilment of or under Section 3.1.2 and Section 3.2 Some.

  • 2 If the applicant intends to carry out statutory audits at the same time as organisations of public interest, the applicant shall also show that he himself and the external auditors attached to him or his/her external auditors are in compliance with the competent authorities of the Member State concerned. Under Section 3.1.3 Some. If the provisions of the previous sentence have been satisfied, the Authority shall indicate in the licence that it is intended to carry out statutory audits in the public interest organisations.

  • 3 The Financial Markets Authority may be subject to licensing requirements and may impose restrictions.


Article 7

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The licence shall not be transferable.


Article 8

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In the case of, or under general management, rules shall be laid down in respect of the manner in which the application for authorization is submitted, the information provided, the documents submitted, the requirements of the application. which are subject to the authorisation and the restrictions which may be placed on the authorisation.


Section 2.2. Revocation and revocation of the authorisation

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Article 9

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The authorisation shall lapse if the auditing organisation to which the authorisation is granted ceases to exist.


Article 10

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The Financial Markets Authority may apply the rules and restrictions referred to in Article 6, third paragraph , change, supplement or revoke, or still bind or restrict a permit, or revoke or restrict the authorisation:

  • a. at the request of the holder;

  • b. if the holder proves to have provided incorrect or incomplete information in the application, and knowledge of the correct and complete information would have led to a different decision;

  • c. if the holder has made up circumstances or facts on the basis of which, if they had occurred or had been known at the time the permit was granted, the authorisation would have been refused;

  • (d) if the holder is in a state of bankruptcy or has obtained surseance of payment, or if, in respect of him, the debt restructuring scheme has been declared subject to natural persons or if by a judicial authority one or more of the goods of the holder under regime as referred to in the Articles 380 , 409 or 431 of Book 1 of the Civil Code have been set or if the holder's undercuration has been pronounced;

  • e. if circumstances arise or become known which result or could lead to the formal or actual control structure of the audit organisation becoming opaque to such an extent that it would be an obstacle forms for the proper monitoring of the auditing organisation;

  • f. if the holder no longer complies with the rules laid down in or pursuant to this Act;

  • g. The holder has not made use of the permit for a period of 36 months.


Section 2.3. The register

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Article 11

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  • 1 The Financial Markets Authority shall keep a public register in which licensed auditors, third-country audit organisations that comply with Article 12c, first paragraph Working or related auditors of a third country involved in issuing declarations as referred to in Article 4 (2) of the EC Treaty. Article 12b , and external auditors are registered. An external auditor is registered on a proposal from the auditing organisation in which he is active or in which he is affiliated and if he complies with the agreement or Section 3.2 Some. An auditor of a third country shall be registered on a proposal from the audit organisation of a third country in which he is active or to which he is affiliated.

  • 2 The Financial Markets Authority shall ensure the proper functioning of the register. The register shall specify the rules related to the auditing organisation's authorisation and the restrictions imposed on it.

  • 3 In the case of, or under general management, rules shall be laid down in respect of:

    • (a) the establishment and operation of the register; and

    • b. Other information relating to the audit organisations, third-country audit organisations, external auditors and third-country auditors listed in the register.

  • The Authority shall indicate in the Register the disciplinary measures imposed with regard to the external auditor and the time at which they were entered and, where applicable, the time at which they were to end. The date of removal from the Court Register shall be indicated in respect of any disciplinary action to be taken for the removal of an invitation to tender.

  • 5 The Financial Markets Authority removes the disciplinary measure from the register after a period of 10 years after the date on which the disciplinary action was imposed.

  • 6 Without prejudice to paragraph 5, a disciplinary measure shall be entered in the Register until five years after the end of the measure until the date of the temporary deletion of a disciplinary measure.

  • 7 The Financial Market Authority shall enter the auditing organisation's registration on the register as soon as the authorisation has been revoked or expired.

  • 8 The Financial Markets Authority shall temporarily pass the registration of the external auditor in the Register if the Board of Auditors has imposed the measure of temporary deletion.

  • 9 The Financial Market Authority shall record the registration of the external auditor in the register by:

    • (a) if the auditing organisation's licence has been withdrawn or cancelled;

    • (b) if the Board of Auditors has imposed the measure on the cancellation of the tender;

    • c. at the request of the auditing organisation in which the external auditor is active or to which he is connected;

    • d. at the request of the external auditor;

    • e. if the external auditor has died;

    • f. where the registration of the external auditors in the register, referred to in Article 36, first paragraph, of the Law on the Board of Auditors has been passed through.

  • 10 If the Authority withdraws a licence from an audit firm registered in the public register in another Member State as an audit firm within the meaning of the Directive, the Authority shall do Financial Markets. indication of the reasons for the withdrawal notice to the regulatory body in that Member State.

  • 11 The Financial Markets Authority may pass the registration of a third country audit organisation in the register, if it no longer meets the requirements of the Article 12c, first paragraph requirements for entry in the register.

  • 12 The Financial Markets Authority shall obtain the registration of an audit organisation of a third country in the register if it has obtained a licence as referred to in Article 4 (2). Article 5 or has not acted as a result of a designation as intended Article 52 .

  • 13 A citation in the register referred to in the eighth or ninth member shall affect the legal effect of statements already issued by the audit organisation concerned as referred to in Article 13 (2). Article 12b Not on.

  • 14 The Financial Market Authority shall obtain the registration of an auditor of a third country in the register by:

    • (a) if it passes the entry in the register of the audit organisation of a third country in which the auditor of a third country works or to which it is connected;

    • b. at the request of the audit organisation of a third country in which the auditor of a third country is active or to which he is connected;

    • c. if the auditor of a third country does not act as such or does not have the power to act as such;

    • d. at the request of the auditor of a third country; or

    • e. if the auditor of a third country has died.


Article 12

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Access to the register shall be made free of charge to each one. The Financial Market Authority shall provide copies of the register to any person who has asked for payment of the cost.


Section 2.4. Third-country audit organisations and third country auditors

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Article 12a

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The Articles 12b and 12c shall not apply to undertakings or institutions authorised to be authorised as specified in the Annex to this Regulation. Article 5 .


Article 12b

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  • A certificate issued by an audit organisation of a third country or an auditor of a third country concerning the audit of the annual accounts or consolidated accounts of an undertaking having a registered office in a State which is not a Member State and of which the securities are admitted to trading on a regulated market as specified in Article 1: 1 of the Law on Financial Supervision in the Netherlands, has the exclusive legal effect in the Netherlands if the audit organisation of a third country is, for example, the auditor of a third country, registered in the register, intended to Article 11 .

  • 2 The first paragraph shall not apply to an audit organisation of a third country issuing declarations as referred to in that paragraph, if:

    • (a) the Commission of the European Communities has granted a transitional period as referred to in the fourth sentence of Article 46 (2) of the Directive to the third country in question and to the equivalence of the surveillance system; enforcement of the third country shall take a decision within the meaning of the second sentence of Article 46 (2) of the Directive; and

    • (b) the audit organisation has submitted an application for registration in the register in accordance with the application or pursuant to Article 12c, second paragraph -Some of them.

  • 3 The second paragraph shall apply until an irrevocable decision on the application for registration is taken.


Article 12c

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  • 1 The Financial Markets Authority shall, upon request, arrange for registration in the register, as referred to in Article 3 (1). Article 11 , from an audit organisation of a third country which provides evidence that:

    • a. They issue statements as intended: Article 12b whether it intends to issue these statements, unless it concerns statements on the audit of the annual accounts or consolidated accounts of undertakings which have only securities referred to in part (b) of the definition of effect in Article 1: 1 of the Law on Financial Supervision expenditure admitted to trading on a regulated market referred to in that Article with a nominal value per effect of at least € 50,000 or, in the case of securities in another currency, with a nominal value per effect on the market, the date of issue is at least equivalent to € 50,000;

    • b. It complies with rules equivalent to the one or the other Article 15, first paragraph , 16 and 19 Certain;

    • c. the checks referred to in Article 12b , are carried out in accordance with international auditing standards as referred to in Article 26 of the Directive and in accordance with rules equivalent to the current or under the Articles 25 or 25a Certain; and

    • d. on its website, it publishes an annual transparency report with information provided by a general measure of management.

  • 2 In the case of, or under general management, rules shall be laid down in respect of the manner in which the application for registration is submitted, the information to be provided, and the documents produced in such a form.

  • 3 The Financial Market Authority shall decide within 12 months for a request as referred to in paragraph 1. Pending a decision of the Commission of the European Communities referred to in Article 45 (6) and (2), second paragraph, of the Directive, the Authority may suspend the decision until 12 months after the date of the Commission of the European Communities has taken a decision.


Article 12d

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  • 2 By ministerial arrangement, provision may be made for the Article 48a shall not apply to audit organisations of a third country where an assessment as referred to in Article 45 (3) of the Directive has been carried out by a monitoring body in the previous three years:

    • a. Another Member State; or

    • (b) a State other than a Member State with a system of supervision and enforcement equivalent to that under this Law, provided that the Authority has provided financial markets with the relevant supervisory authority on the basis of reciprocity an agreement referred to in Article 63j, second paragraph, part d -It's closed.

  • 3 The ministerial arrangement referred to in paragraph 2 may, on the basis of reciprocity, stipulate that the articles 12c, first paragraph , 52 , 64 , 65 and 66 not applicable, in whole or in part, to the audit organisations of a third country with a seat in a State other than a Member State designated under that scheme.

Chapter 3. The auditing organisation and the external auditor

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Section 3.1. The auditing organisation

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Paragraph 3.1.1. Application Scope

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Article 13

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The requirements of this section, with the exception of: Article 21a , shall apply to audit organisations authorised.


Paragraph 3.1.2. General requirements

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Article 14

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The audit organisation shall ensure that the external auditors working in the performance of the auditors meet either of the external auditors or the external auditors attached to it. Section 3.2 Some.


Article 15

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  • 1 The reliability of the persons determining or co-determination of the daily policy of the auditing organisation is beyond doubt.

  • 2 In the case of, or under general management, rules shall be laid down as to the reliability of the persons referred to in the first paragraph.


Article 16

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  • 1 The natural persons who determine the daily policy of the auditing organisation are competent in relation to the system of quality control of the auditing organisation.

  • 2 The daily policy of the audit organisation shall be determined by a majority of auditors, audit firms or by natural persons who comply with the rules adopted pursuant to Article 2 of the Article 25 rules on professional competence of external auditors or rules equivalent to that. If the daily policy of the accountancy organisation is determined by two persons, at least one of these persons complies with these rules.


Article 16a

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The majority of voting rights in an audit organisation shall be conducted by:

  • Auditors ' organisations;

  • b. audit firms; or

  • c. Natural persons who comply with the requirements of Article 25 rules governing the competence of external auditors or of rules equivalent to that.


Article 17

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The structure of the audit organisation's formal or actual control structure shall not prevent the proper monitoring of compliance with, or determined by, the auditing organisation by virtue of that law.


Article 18

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  • 1 The organisation of auditors shall have a system of quality control.

  • 2 The system of quality control shall be established in such a way that the work on a statutory audit is carried out at all times under the responsibility of an external auditor.

  • 3 In the case of or under general management measure, in order to promote confidence in the financial markets, to ensure the public interest of the audit opinion and to monitor compliance with the case of, or under This law has laid down rules, rules on quality control and quality control.


Article 19

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  • 1 If an audit organisation or other component of the network maintains relations with a control reader or a third party connected to this control, which would be an objective, reasonable and informed third party, to conclude that they may pose a threat to the independence of the firm of auditors in relation to that control measure or third, the audit organisation shall take steps to ensure its independence by this threat. exclude or restrict or, where that is not possible, accept the Does not order or terminate the contract.

  • 2 The organisation of auditors shall lay down the measures taken pursuant to paragraph 1.

  • The Board of Auditors shall comply with, or be subject to, rules governing its independence by virtue of a general measure of management.


Article 20

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  • 1 An auditor's organization, when carrying out a statutory audit, is required to disclose information of which it knows its confidential nature or is reasonably presumed to be confidential, subject to the confidentiality of such information, except where to the extent that it is mandatory by or by virtue of legal provision to communicate.

  • 2 An accounting organisation may, by way of derogation from the first paragraph, obtain confidential information or information when carrying out a statutory audit to third parties, if Article 26, fifth paragraph , applies to, or to organizations referred to in Article 48, first paragraph , to the extent that such data or information is necessary for the assessment referred to in that paragraph.

  • 3 An audit organisation shall grant to the auditing organisation to which its former control reader has issued a successor order for the exercise of a statutory audit, on request access to all relevant information with relating to that check-reader.


Article 21

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  • 1 An audit organisation shall establish operations to ensure that it is responsible for the management and integrity of its business.

  • 2 In the case of, or under general management, rules may be laid down in respect of the first paragraph. These rules shall apply to:

    • a. management of business processes and business risks;

    • b. Integrity, including the following:

      • 1. countering the conflict of conflicting interests;

      • 2. countering the involvement of the audit organisation, the external auditors or other employees of the audit organisation in the event of criminal offences and breaches of the law which have the confidence in the audit organisation or in the financial damage to markets;

      • 3. to countering relationships with clients that may harm the trust in the auditing organisation or in the financial markets;

    • (c) preventing the independence of the external auditors or any other staff of the audit organisation in the course of carrying out the statutory audits when carrying out statutory audits;

    • d. other items to be referred to general management measures.


Section 3.1.3. Additional rules on statutory audits of public-interest entities

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Article 21a

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In the case of a general measure of management, rules may be laid down in respect of the institution by organisations of public interest of an audit committee or of a body with similar functions.


Article 22

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At or under general measure of management, without prejudice to: Article 18 , additional rules are laid down in respect of quality control and the system of quality control of auditing organisations which carry out statutory audits in public-interest organisations.


Article 23

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The audit organisation shall not carry out any statutory audit with an organisation of public interest, if it is responsible for that organisation:

  • a. has compiled at any time during the preceding two years the financial responsibility for which the statutory audit relates; or

  • b. during the period covered by the financial responsibility, or has provided or furnished a significant part of the financial administration at the time of carrying out the statutory audit; or Set.


Article 24

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  • 1 The auditing organisation does not carry out statutory audit in an organisation of public interest by an external auditor who has been responsible for the prior five years of the financial years of that organisation of Public interest in statutory audits.

  • 2 The auditing organisation shall ensure that an external auditor who has been responsible for the statutory audits carried out by an organisation of public interest and who has completed his or her activities, has not carrying out statutory audits for that organisation of public interest.


Article 24a

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  • 1 The auditing organisation carrying out statutory audits in an organisation of public interest confirms its independence from the audit body annually to the audit committee, as referred to in Article 2 (2) of the Article 21a .

  • 2 The auditing organisation shall report annually to the audit committee referred to in the first paragraph all the services it provides to the monitoring exercise other than the carrying out of statutory audits.

  • 3 The audit committee shall, by means of the annual audit committee referred to in the first paragraph, consult each other on the threats to its independence and the measures taken to mitigate those threats.


Article 24b

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  • 1 An audit organisation carrying out statutory audits in an organisation of public interest shall not carry out any other work in addition to control services for that organisation and related entities.

  • 2 An accounting organisation which is part of a network shall not carry out statutory audits to an organisation of public interest if:

    • a. Another part of the network established in the Netherlands, other activities referred to in the first paragraph for that organisation of public interest or an affiliated entity affiliated to that organisation; or

    • b. another part of the network which is not established in the Netherlands, other activities referred to in the first paragraph, carried out for that organisation of public interest or an affiliated entity established in the Netherlands.

  • 3 For the purposes of paragraphs 1 and 2, the following shall be understood as an affiliated entity:

    • (a) a legal person or a company which, alone or in association with another group company, is at the head of the group or group in which the organisation of public interest is part, as well as a legal person or company which is a member of that group, and which control may exercise or central control of an organisation of public interest; and

    • (b) any subsidiary of an organization of public interest, any other group of public interest under the organisation of public interest, or any other legal person or company to which an organisation of public interest is dominant where it has the power of control.

  • 4 The State of the Netherlands is not a related entity as referred to in the third paragraph.


Section 3.2. The external auditor

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Article 25

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The external auditor shall comply with, or be subject to, general measures of management in respect of its professional competence, objectivity and integrity.


Article 25a

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  • 1 If an external auditor maintains relations with a check-reader or a third party connected to this control-based whose objective, reasonable and informed would conclude that they could pose a threat, for the independence of the external auditor in relation to that check-reader or third, the external auditor shall take measures to ensure its independence by excluding or restricting this threat or, if not is possible, the external auditor does not accept involvement in the execution of the command or end this involvement.

  • 2 The external auditor shall lay down the measures taken pursuant to paragraph 1.

  • 3 The external auditor shall comply with or, by virtue of general management measures, comply with rules relating to its independence.


Article 26

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  • 1 An external auditor who, during the course of a statutory audit, is given the information on which he or she is of the confidential nature or reasonably presumed to be confidential shall be subject to the confidentiality of that information, except where the information is not disclosed; to the extent that he is required to make a communication by or by virtue of legal regulation.

  • 2 An external auditor who receives, during statutory audit, information or information justifying the reasonable suspicion that fraud is material in respect of the financial situation; Accountability of the audit study, reports it to a criminal investigation officer as intended for Article 141 of the Code of Criminal Procedure except in the cases to be determined by a general management measure.

  • 3 In the case of a general measure of management, the term 'material' fraud shall be determined and rules shall be laid down concerning the time and manner in which the notification referred to in paragraph 2 takes place.

  • 4 The external auditor who has entered a notification referred to in paragraph 2 shall not be liable for any damage suffered by a third party unless it is assumed that, having regard to all the facts and circumstances, it is reasonable to do so; should not have been notified.

  • 5 An external auditor may, by way of derogation from paragraph 1, provide confidential data or intelligence, obtained in carrying out a statutory audit, to or pursuant to general measures of management. third parties. This confidential data or information shall not be disclosed to supervisory authorities.


Article 27

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  • 2 [ Red: This member has not yet entered into force.]


Article 28

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In order to ensure the public function of the audit, it may be considered that, in the case of a general measure of management, Article 27 shall be declared inapplicable.


Article 29

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The external auditor shall issue and sign the audit opinion on his own behalf and shall specify the accounting organisation in which he is active or linked.


Article 29a

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The person who, as an external auditor, has been responsible for carrying out a statutory audit in an organization of public interest does not accept a function as a daily policy determiner of that check-lient before a period of time at least two years have elapsed since he ended his work as an external auditor on that check-lient.


Article 30

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If the external auditor is involved in disciplinary proceedings with regard to the performance of work relating to the establishment or execution of a statutory audit, he shall report this to: without delay to the relevant check-reader.


Article 31

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  • 1 The external auditor is subject to disciplinary action in respect of his professional conduct at the foot of the Law disciplinary courts in respect of any act or omission contrary to or pursuant to this Law.

  • 2 This disciplinary case shall be exercised at first instance by the Chamber of Auditors at Zwolle and on appeal, at the same time as the College van Beroep for the business community, in the highest resorder.

Chapter 4. Account and accountability of the Authority Financial Markets

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Article 32 [ Expaed by 01-01-2013]

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Article 33 [ Verfall by 01-01-2013]

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Article 34 [ Verfalls per 01-01-2013]

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Article 35 [ Expaed by 01-01-2013]

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Article 36 [ Expired per 01-01-2013]

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Article 37 [ Expaed by 01-01-2013]

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Article 38

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  • 2 The agreement referred to in paragraph 1 may be refused:

    • a. If the Statutes have been sufficiently aligned after amendment to the provisions of this Act;

    • b. if the Statutes do not provide sufficient guarantees for independent task fulfilment by the Financial Markets Authority;

    • c. for violation of law or general interest.


Article 39

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  • The Authority shall ensure, in respect of the exercise of its task under this Act, financial markets:

    • a. Timely preparation and execution;

    • b. the quality of the procedures used;

    • c. the careful treatment of any person who comes into contact with her;

    • d. the meticulous handling of objection and complaints received.

  • 2 The Financial Market Authority is making provision for any person who comes into contact with it to make proposals for the improvement of working methods and procedures.


Article 40 [ Expired by 01-01-2013]

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Article 41 [ Verfalls per 01-01-2013]

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Article 42 [ Expaed by 01-01-2014]

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Article 43

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  • 1 Our Minister may request to the Authority Financial Markets the information or intelligence required for an investigation into the adequacy of this Act or the manner in which the Authority implements or has implemented this Act Financial Markets, if it proves necessary for the purposes of supervision.

  • 2 The Authority shall provide the Financial Market Authority with the information or information referred to in paragraph 1, unless it concerns confidential data or intelligence within the meaning of Article 63a which relates to or shall be retraceable to the Minister for the purposes of Article 6 of the Treaty. an individual undertaking, institution or natural person, with the exception of data or information relating to, or retractable to, a separate accounting organisation or audit organisation of a third country:

    • a. Authorised as intended Article 5, first paragraph , has been registered or registered under the Article 11, first paragraph ; and

    • b. for which payment has been granted; or

    • c. that has been declared bankrupt; or

    • d. which has been dissolved on the basis of a court ruling.

  • 3 Our Minister may carry out a third party to examine the information or information supplied to him under paragraph 2 and to report to him. Our Minister may also authorize the third party to act in his order to obtain information or information on his behalf, in which case the first and second paragraphs shall apply mutatis mutandis.

  • 4 Our Minister uses the information or intelligence obtained pursuant to the second or third member solely for the purposes of forming his assessment of the adequacy of this law or the manner in which the Authority Financial Markets has taken this law running or running.

  • 5 Our Minister and those acting in his mandate shall be obliged to keep confidential information or information received under the second paragraph.

  • 6 Notwithstanding the fourth and fifth paragraphs, our Minister may inform the two Chambers of the States and the conclusions drawn from them and the conclusions drawn from them and the conclusions drawn from them in the general terms of the investigation, and make public.

  • 7 The Law open-to-board and the Law National Ombudsman shall not apply in respect of the particulars or information referred to in this Article which our Minister or the third party acting under his mandate shall have under his or her behalf.


Article 44 [ Expired by 01-01-2014]

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Article 45 [ Expired by 01-01-2014]

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Article 46 [ Expired by 01-01-2013]

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Chapter 5. Monitoring and enforcement

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Section 5.1. Monitoring of compliance

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Article 47

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A majority of the members of the Board of the Authority Financial Markets that define the day-to-day policy regarding the oversight of compliance with this Act:

  • a. During the three preceding years that they determine the daily policy, it has not been responsible for carrying out statutory audits;

  • b. has not been part of the daily management of an audit organisation during the previous three years;

  • c. has not been part of the board of an auditing organisation for the preceding three years as a voting member; and

  • d. has not been employed or associated with an audit organisation during the previous three years.


Article 48

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  • 2 In the case of or under general management measures, rules may be laid down in respect of the first paragraph.


Article 48a

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  • 1 The Authority shall assess financial markets at least once every six years, whether an accounting organisation complies with or pursuant to this Law.

  • 2 If an audit organisation carries out statutory audits of public interest entities, the Authority shall assess, by way of derogation from the first paragraph, Financial Markets at least once during the three years or that organisation complies with the requirements of the or determined under this law.

  • 3 The Financial Markets Authority bases its assessment at least on a review of a selection of audit files.

  • 4 The Financial Market Authority shall draw up a report containing the main conclusions of the assessment and shall provide a copy of the assessment to the relevant auditing organisation.

  • 5 The Authority may derogate from the Financial Markets Authority Article 63a make public the main findings and conclusions of assessments referred to in the fourth paragraph, with the exception that those findings and conclusions shall not be retraceable to persons other than the audit organisations concerned.


Article 49

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  • 1 The monitoring of compliance with the rules laid down by and pursuant to this Law shall be subject to the persons designated by Decision of the Authority's Financial Markets.

  • 2 Of a decision referred to in paragraph 1 shall be communicated by the State Official Gazette.


Article 50

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The persons referred to in the first paragraph of Article 49 , do not have the powers, mentioned in the Articles 5:18 and 5:19 of the General Administrative Law Act .


Article 51

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  • The Authority may, for the purposes of the proper performance of its tasks and powers under this Act, require the Authority to carry out any information required by each of the Member States.


Section 5.2. Enforcement

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Article 52

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The Financial Market Authority may require the auditing organisation to which a licence has been granted that does not comply with what has been determined by or under this Act by giving a designation to be within an authority defined by the Authority Financial Markets set reasonable time to follow a certain line of conduct in relation to points to be given in the designation decision.


Article 53

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  • 2 Our Minister may lay down rules on the exercise of competence referred to in the first paragraph.


Article 54

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  • 2 In the case of a general measure of management, rules relating to the exercise of competence shall be laid down in the first paragraph.


Article 55

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  • 1 The amount of the administrative fine shall be determined by a general measure of management, with the exception that the administrative penalty for a separate infringement shall not exceed € 4 000 000. If no five years have elapsed since the offence has been committed since the imposition of an administrative fine on the offender for the same offence, the amount of the administrative penalty, as referred to in the first sentence, shall be paid, doubled for a separate violation.

  • 2 The general measure of management referred to in paragraph 1 shall determine the amount of the administrative penalty to be imposed for each infringement specified therein. The offences shall be classified in categories according to the gravity of the offence with the basic amounts, minimum amounts and maximum amounts. In addition, the following format is used:

    Category

    Basic amount

    Minimum amount

    Maximum amount

    1

    € 10 000,-

    € 0,-

    € 10 000,-

    2

    € 500 000,-

    € 0,-

    € 1 000 000,-

    3

    € 2 000 000,-

    € 0,-

    € 4 000 000,-

  • 3 By way of derogation from the first and second paragraphs, the supervisor may fix the amount of the administrative fine at a maximum of twice the amount of benefit the offender has obtained by the offence if the latter's advantage is greater than € 2 000 000.


Article 56

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  • 1 If an objection or appeal is lodged against a decision imposing administrative fine, it suspends the obligation to pay the administrative fine until the period of appeal has expired or, if appeal has been brought, to the appeal Appeals has been made.

  • 2 The suspension of the obligation to pay the administrative fine does not suspends the calculation of statutory interest.


Article 57 [ Expaed by 01-07-2009]

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Article 58 [ Verfall by 01-07-2009]

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Article 59 [ Verfall by 01-07-2009]

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Article 60 [ Expired by 01-07-2009]

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Article 61 [ Expaed by 01-07-2009]

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Article 62 [ Expaed by 01-07-2009]

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Article 62a [ Expired by 01-07-2011]

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Section 5.3. Occupation [ Expired per 01-01-2013]

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Article 63 [ Verfall by 01-01-2013]

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Chapter 5a. Obligation of professional secrecy

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Article 63a

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  • 1 It shall be prohibited any person who, by virtue of the application of this Law or of acts adopted pursuant to this Law, fulfils or has carried out any duties, shall be prohibited from confidential information or information under that law or any information under that law. Section 5.2 of the General Administrative Law have been provided or obtained or received from bodies responsible for the supervision of audit firms in another Member State, whether or not to use them further or otherwise than for the performance of their duties or is necessary on the basis of this law.

  • 2 By way of derogation from paragraph 1, the Authority may, using confidential information or information obtained in the performance of its task under this law, make communications, if these cannot be disclosed; To separate individuals, accounting organisations or audit firms.

Chapter 5b. National cooperation

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Article 63b

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  • 1 The Financial Markets Authority may, by derogation from Article 63a , confidential information or information obtained in the performance of the task entrusted to it under this Law shall be given to De Nederlandsche Bank N.V., unless:

    • a. The purpose for which the confidential data or intelligence is to be used is not sufficiently defined;

    • (b) the intended use of the confidential data or intelligence does not fit within the framework of the supervision of financial markets or of persons operating in those markets;

    • c. the provision of the confidential data or intelligence would not be tolerated by the Netherlands law or the public policy;

    • (d) the confidentiality of confidential data or intelligence is not sufficiently guaranteed;

    • e. the provision of the confidential data or intelligence is, or could be, reasonably contrary to the interests which this law seeks to protect; or

    • f. Insufficient guarantee that the confidential data or intelligence will not be used for any purpose other than that for which it is provided.

  • 2 In so far as the information or intelligence referred to in paragraph 1 has been obtained from a regulatory body, the Authority shall supply financial markets not to De Nederlandsche Bank N.V. unless the supervisory authority of which the supervisory authority is data or information have been obtained explicitly by the provision of information or intelligence and, where appropriate, has agreed to use for a purpose other than that for which the data or information has been provided.

  • 3 The first and second paragraphs shall apply mutatis mutandis to the exchange of confidential data or intelligence between the parts of the Financial Markets Authority entrusted with different tasks.


Article 63c

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  • 1 The Financial Markets Authority may, by derogation from Article 63a, first paragraph -confidential information or information obtained in the performance of the tasks conferred upon it by this Law relating to infringements by the auditing organizations of the Member States, Article 5, first paragraph , or 6, third member , from this law, to a Dutch authority responsible for exercising criminal powers or to an expert charged by such a body with an assignment, to the extent that the required data or information is necessary for the exercise of those powers or the performance of that contract.


Article 63d

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  • 1 The Financial Markets Authority may, by derogation from Article 63a , confidential information or information obtained in the performance of the task entrusted to it under this Law, shall be provided to the Board of Auditors, as referred to in Article 2 (2). Article 31, second paragraph Or the College of Appeals for Business.

  • 2 The Financial Market Authority shall not provide confidential data or intelligence as referred to in paragraph 1 where the provision of the confidential data or intelligence is or could reasonably be contrary to the interests of the Member State concerned. which seeks to protect this law.


Article 63e

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  • 1 The Financial Markets Authority may, by derogation from Article 63a , confidential information or information obtained in the performance of the task entrusted to it by this Law, shall supply:

    • a. the Dutch professional organisation of auditors, referred to in Article 2 of the Law on Accountancy ;

    • (b) an organisational relationship of market participants, which is designed to make an effective contribution to the implementation by the Authority of Financial Markets for the monitoring of compliance with this Law and to that end with the Authority Markets a covenant has closed;

    to the extent that the information or intelligence is necessary for the performance of the tasks of the bodies referred to in points (a) and (b).

  • 2 In so far as the data or intelligence referred to in paragraph 1 have been obtained from a supervisory body, the Authority shall not provide financial markets to a body as referred to in the first paragraph, unless the supervisory authority body whose data or information has been obtained expressly by the provision of the data or intelligence and, where appropriate, has agreed to use for any purpose other than for which the data or information information has been provided.

Chapter 5c. International cooperation

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Section 5c. 1. Cooperation with supervisory authorities in other Member States

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Article 63f

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  • 1 The Financial Market Authority shall cooperate with supervisory authorities of other Member States where necessary for the fulfilment of its task under this Law or for the fulfilment of the task of those supervisory authorities.

  • 2 The Authority provides financial markets, by way of derogation from Article 63a, first paragraph Where, at the request of a supervisory authority of another Member State, confidential data or information necessary for the performance of the task of that regulatory body shall be required, unless:

    • a. Such a provision could pose a danger to Dutch sovereignty, national security or public order;

    • (b) the information or information relating to acts of an audit organisation which has already been subject to criminal proceedings in the Netherlands;

    • c. an appeal has already been lodged against a decision as referred to in Article 58 in respect of the transactions to which the data or information relates; or

    • d. an irrevocable decision has been taken in respect of the same acts and the same auditing organisation by the Financial Markets Authority.

  • 3 If the Authority is unable to provide the requested information or information without delay, the Authority shall inform the supervisory authority of the other Member State.


Article 63g

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  • 1 The Financial Markets Authority may, for the purpose of carrying out its tasks, be Article 63f any information shall be recovered from any information where necessary for the performance of the task of a surveillance body in another Member State. The Articles 5:13 and 5:20 of the General Law governing law shall be applicable mutatis mutandis.


Article 63h

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  • (1) If a supervisory authority of another Member State for the supervision of an audit firm in that State asks the Authority Financial Markets to carry out an investigation in the Netherlands or to be given the opportunity to carry out an examination of This examination shall be carried out by the Authority, which shall comply with this request, unless:

    • a. such an investigation could pose a danger to Dutch sovereignty, national security or public order; or

    • b. a criminal procedure has already been established in the Netherlands in respect of the same acts against the same auditing organisation or audit firm;

    • c. an appeal is lodged by the same auditing organisation against a decision as referred to in Article 58 in respect of the same acts; or

    • d. an irrevocable decision has been taken in respect of the same acts and of the same auditing organisation or audit firm by the Financial Markets Authority.


Article 63i

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  • 1 Where the Authority finds that operations are or have been carried out in another Member State which are contrary to what is prescribed by the Directive in that Member State, it shall, as a matter of fact, give as specific as possible the knowledge of the supervisory authority of the other Member State.

  • 2 If the Authority has received a notification from a supervisory authority of another Member State that acts are or have been carried out in the Netherlands which are contrary to this Law, it shall inform the notifying party of the notification of any such notification. supervisory authority of the measures it has taken, as appropriate, as well as, to the extent possible, significant interim developments.


Section 5c. 2. Cooperation with supervisory authorities of non-Member States

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Article 63j

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  • 1 The Financial Markets Authority may, by derogation from Article 63a, first paragraph , and in compliance with paragraph 2, shall, at the request of a supervisory authority of a non-Member State, supply confidential data or information to that supervisory authority which shall cover:

    • (a) checks in the case of undertakings having issued securities in the State concerned or forming part of a group subject to a review of consolidated accounts in that State; or

    • b. the provisions of or pursuant to Chapter 3 of this Law, to the extent relevant for the implementation of the controls referred to in point (a).

  • 2 The Financial Market Authority may provide confidential data and information as referred to in paragraph 1 only if:

    • a. which is necessary for the performance of its task under this law or the task of that supervisory body;

    • (b) that regulatory body shall comply with the requirements which the European Commission has declared adequate in accordance with the provisions of Article 47 (3) of the Directive;

    • c. the transfer of personal data shall be effected in accordance with Personal data protection law ; and

    • d. it has concluded an agreement with that supervisory body on the basis of reciprocity with regard to the provision of data referred to in this Article.

  • 3 The Financial Market Authority does not comply with the request referred to in paragraph 1 if:

    • (a) the provision of the data or intelligence could pose a danger to the sovereignty, national security or public order of the Netherlands or other Member States; or

    • b. a criminal procedure has already been established in the Netherlands in respect of the same acts against the same auditing organisations;

    • c. an appeal is lodged by the same auditing organisation against a decision as referred to in Article 58 for the same acts; or

    • d. an irrevocable decision has been taken in respect of the same acts and the same auditors or audit firms.

  • 4 The Authority shall forward a copy of that agreement to our Minister without delay after the closure of a copy of that agreement with a supervisory authority of a State which is not a Member State as referred to in the first paragraph.


Article 63k

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  • The Authority may, for the purposes of cooperation, be the financial market authority Article 63j , any information is to be recovered if necessary for the performance of the task of a regulatory body in a State which is not a Member State. The Articles 5:13 and 5:20 of the General Law governing law shall be applicable mutatis mutandis.

Chapter 6. Public warning and publication of enforcement measures

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Article 64

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The Financial Market Authority may issue a public warning, indicating, where appropriate, the considerations leading to that warning, in the event of violation of a prohibition clause of this Act.


Article 65

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  • 1 The Authority proposes to the Financial Markets Authority if it decides to issue a public warning as referred to in Article 64 , the audit organisation concerned shall be informed of the decision.

  • 2 In any event, the decision shall state the alleged infringement, the content of the disclosure, the grounds on which the decision is based, and the manner in which and the period after which the public warning will be issued.


Article 66

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  • 1 Issuing a public alert as intended in Article 64 do not take place earlier than after five working days after the day on which the audit organisation concerned is in accordance with Article 65 has been informed of the decision.

  • 3 If protection of the interests which this law seeks to protect does not permit a delay, the Authority may issue a public warning without delay, by way of derogation from the foregoing paragraphs.


Article 67

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  • 2 The disclosure of the decision to impose administrative penalties shall not take place earlier than after five working days have elapsed from the day on which the decision has been made known to the relevant audit organisation.

  • 4 If the disclosure of the decision is in conflict or could come with the purpose of monitoring compliance with this law by the Authority Financial Markets, it shall remain unfulfilled.


Article 68

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Without prejudice Article 67 makes Financial Markets a decision to impose an administrative fine under this Act, after it has become untouchable, unless disclosure of the decision is in violation or could come with the law. the purpose of monitoring the compliance of this Law by the supervisory authority.


Article 69

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  • 1 The Financial Market Authority makes a decision to impose a charge under penalty payments publicly when a penalty payment is forfeited unless disclosure of the decision is in violation or could come with the purpose of the penalty. the oversight by the Authority of Financial Markets of compliance with this Act.


Article 70

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If protection of the interests which this law seeks to protect does not permit a postponement, the Authority may, by derogation from Article 67, second and third paragraphs , 68 , or 69, first and second members Without delay, the disclosure of a decision to impose an administrative fine shall be subject to a penalty under penalty payment.


Article 71

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  • (2) If the provision court is to prohibit a publication of a decision as referred to in Article 64 , 67, first paragraph , or 69, 1st Member , has imposed, it does not find the hearing of any interested party in the public place.

  • 3 Where the supply court is subject to a prohibition of publication of a decision as referred to in Article 64 , 67, first paragraph , or 69, 1st Member , has imposed, and appeals against the decision to object to that decision, the investigation shall take place in place with closed doors.


Article 72 [ Verfalls by 28-06-2008]

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Chapter 7. Amendments to other laws

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Section 7.1. Ministry of the Interior and Kingdom Relations

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Article 73

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Article 74

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Section 7.2. Ministry of Finance

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Article 75

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Article 76

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Section 7.3. Ministry of Justice

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Article 77

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Article 78

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Chapter 8. Evaluation and transitional and final provisions

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Article 79

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Within five years of the entry into force of this Act, our Minister shall send to the States-General a report on the effectiveness and effects of this law in practice.


Article 80

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  • 1 The organisation of auditors shall be allowed, after the date of entry into force of this Act, to pursue its activities for carrying out statutory audits or to carry out statutory audits without authorisation. to accept statutory audits, subject to the conditions set out in paragraph 2.

  • 2 The audit organisation shall, within one month of the date of entry into force of this Law, issue a licence to the Financial Markets Authority and shall submit the particulars and documents within three months of the date of application. Article 8 , to the Financial Markets Authority.

  • 3 The first paragraph shall apply until the Authority has irrevocably decided on the application for authorisation Financial Markets.

  • 4 The Financial Markets Authority shall decide on an application as referred to in paragraph 2 within 12 months of the entry into force of this Act. Our Minister may extend this period up to a maximum of two times by a period of half a year.

  • 5 The auditing organisation which has applied for a licence under paragraph 2 shall be registered as an applicant for the purposes of the second paragraph in the register provided for in the second paragraph of this Article. Article 11 . The Financial Market Authority shall pass this invitation to tender as soon as it has decided irrevocably on the application.


Article 81

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The decisions taken before the date of entry into force of this Law by the examination office, as provided for in Article 14 (2), shall be adopted. Article 74, first paragraph, of the Law on the Register Accountants , the curatory, intended in Article 75, first paragraph, of the Law on the Registrauditors and the examination office, for the purpose of Article 85, First paragraph, of the Law on Accountants ' Administration , and which relate to a period of time after that date, shall be deemed to have been taken by the Commission after that date, by the end of the financial year of audit, as referred to in Article 2 (1). Article 69, first paragraph, of the Law on the Register Accountants .


Article 82

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In the event of the date of entry into force of this Law, an appeal shall be made against a person who has Law on the Registers Accountants Decision taken by the examination office referred to in Article 74, first paragraph, of that Act or the curatorium, intended in Article 75, first paragraph, of that Act -, under the conditions of the Act on the Accountants ' Administration Decision taken by the examination office referred to in Article 85, first paragraph, of that Law or the curatorium, intended in Article 89, first paragraph, of that Act the objection and appeal shall be subject to the application of the law applicable to that date.


Article 83

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Article 84

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By way of derogation from Article 67, second paragraph, of the Law on the Register Accountants and Article 54, 2nd paragraph, of the Law on Accountants ' Administration , remain the rules, included in the Articles 8 to 13 of the Examending Decree, 1994 Other Articles 8 to 13 of the Accountancy Board of Auditors ' Examending Decision 1994 As they stood before the date of entry into force of this Act, applicable to the practical traineeship, until the date of application of the Regulation, as provided for in Article 67, second paragraph, of the Law on the Register Accountants (i) the regulation, which is intended to be Article 54, 2nd paragraph, of the Law on Accountants ' Administration -, comes into force.


Article 85

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Article 86

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  • 1 Within six weeks of the date of entry into force of this Act, the Authority shall send Financial Markets in agreement to our Minister a budget of the benefits and charges to be expected in the remaining part of the current year, capital expenditure, as well as income and expenditure relating to the performance of the tasks entrusted to and under this Law and resulting from it.


Article 86a

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  • 1 To 2 years after the entry into force of the Law on the Board of Auditors is Article 24b does not apply to activities for which the contract has been issued to the auditor or the audit organisation prior to the entry into force of the Law on the audit profession.


Article 87

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This Law shall enter into force on a date to be determined by Royal Decree, which may be adopted in a different way for the various articles or parts of such articles.


Article 88

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This law is cited as: supervisory law monitoring organisations.

Burdens and orders that it will be placed in the Official Gazette, and that all ministries, authorities, colleges and officials who so concern will keep their hands on the precise execution.

Given at The Hague, 19 January 2006

Beatrix

The Minister of Finance

,

G. Zalm

Published the 23rd of February 2006

The Minister of Justice

J. P. H. Donner


Annex to Article 1, first paragraph, part p Of the law

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