EU audit reform Public Interest Entities (PIEs)（欧盟审计改革公共利益实体(派)）.pdfVIP

Fact sheet 5 – Public Interest Entities June 2014 EU audit reform –Public Interest Entities (PIEs) Summary of scope of the adopted legislation regarding the definition of PIEs EU legislation providing a new EU regulatory framework for statutory audit was adopted in April 2014. The laws will apply on or after 16 June 2016 – with the exception of MFR, which is subject to transition arrangements. Below is a summary of the definition of those entities which are classified as a PIE in the EU legislation. Summary of definition Public Interest Entities1  All entities2 that are both governed by the law of a Member State and listed on a regulated market  All credit institutions in the EU, irrespective of whether listed or not  All insurance undertakings in the EU, regardless of whether they are listed or not and regardless of whether they are life, non-life, insurance or reinsurance undertakings  Entities designated by Member States as public-interest entities, for instance undertakings that are of significant public relevance because of the nature of their business, their size, or number of employees3 Definition of terms Term Definition Regulated A ‘regulated market’ is defined in the Markets in Financial Instruments Directive market (MiFID II)4 and is overseen by the European Securities Markets Authority (ESMA). There are currently almost 100 exchanges/markets, chiefly covering the principal stock exchanges of the 28 EU Member States, and a range of ‘product based’ markets (for example the Electronic Bond and Share Exchanges, the European Energy Exchange, the