HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"EN
13.4.2012 Official
Journal
of
the
European
Union L
103/11
REGULATIONS
COMMISSION DELEGATED REGULATION (EU) No 310/2012
of 21 December 2011
amending Regulation (EC) No 1569/2007 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
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
appropriate that the same criteria for determination of
equivalence apply in the framework of both Directives.
Having regard to the Treaty on the Functioning of the European
Union,
(2) Accordingly, Commission Regulation (EC) No
1569/2007 ( 3 ) laid down the conditions for acceptance
of third country accounting standards for a limited
period expiring on 31 December 2011.
Having regard to Directive 2003/71/EC of the European
Parliament and of the Council of 4 November 2003 on the
prospectus to be published when securities are offered to the
public or admitted to trading and amending Directive
2001/34/EC ( 1 ), and in particular the first subparagraph of
(3) The
Commission
evaluated
the
usefulness
and
func
Article 20(3) thereof,
tioning of the equivalence mechanism and concluded
that it should be extended for a period of 3 years until
31 December 2014. Since the period for which the
Commission had put in place conditions for granting
Having regard to Directive 2004/109/EC of the European
equivalence to the Generally Accepted Accounting Prin
Parliament and of the Council of 15 December 2004 on the
ciples (GAAP) of third countries expired on 31 December
harmonisation of transparency requirements in relation to
2011, this Regulation should apply from 1 January
information about issuers whose securities are admitted to
2012. This is necessary in order to provide legal
trading on a regulated market and amending Directive
certainty to issuers from the relevant third countries
2001/34/EC ( 2 ), and in particular the fourth subparagraph of
listed in the Union and avoid the risk that they might
Article 23(4) thereof,
have to reconcile their financial statements with Inter
national Financial Reporting Standards (IFRS). The
provision of retroactivity thus alleviates any potential
additional burden on the issuers concerned.
Whereas:
(4) In
order
to
ensure
that
a
determination
of
the
equiv
(1) Article
23(4)
of
Directive
2004/109/EC
requires
the
alence of third country accounting standards is made in
Commission to set up a mechanism for the deter
all cases that are relevant to the Union markets, the
mination of the equivalence of the information required
Commission should assess the equivalence of third
under this Directive. The Commission is required to
country accounting standards either upon a request
adopt measures to establish general equivalence criteria
from the competent authority of a Member State or an
regarding accounting standards relevant to issuers of
authority responsible for accounting standards or market
more than one country. Article 23(4) of Directive
supervision of a third country, or on its own initiative.
2004/109/EC also requires the Commission to take
The Commission should consult the European Securities
decisions in relation to the equivalence of accounting
and Markets Authority (ESMA) with regard to the
standards used by third country issuers, and enables the
technical aspects of the assessment of equivalence of
Commission to allow the use of third country accounting
the accounting standards in question. The Union issuers
standards during an appropriate transitional period.
should also be permitted to use IFRS adopted pursuant to
Given the close interconnection of the information
Regulation (EC) No 1606/2002 of the European
required under Directive 2004/109/EC with the
Parliament and of the Council ( 4 ) in the third country
information required under Directive 2003/71/EC, it is
concerned.
( 1 ) OJ L 345, 31.12.2003, p. 64.
( 3 ) OJ L 340, 22.12.2007, p. 66.
( 2 ) OJ L 390, 31.12.2004, p. 38.
( 4 ) OJ L 243, 11.9.2002, p. 1.

---

L 103/12
EN
Official Journal of the European Union
13.4.2012
(5) Regulation
(EC)
No
1569/2007
should
therefore
be
(b) the third country authority responsible for the national
amended accordingly,
accounting standards concerned has made a public
commitment to adopt International Financial Reporting
Standards before 31 December 2014 and effective
HAS ADOPTED THIS REGULATION:
measures are taken in the third country to secure their
timely and complete implementation by that date.
Article 1
Article 4 of Regulation (EC) No 1569/2007 is replaced by the
2. Any
decision
under
paragraph
1
to
permit
the
following:
continued acceptance of financial statements drawn up in
accordance with the accounting standards of a third
‘Article 4
country shall be made in accordance with the procedure
referred to in Article 24 of Directive 2003/71/EC and
Conditions for the acceptance of third country
Article 27(2) of Directive 2004/109/EC.
accounting standards for a limited period
1. Third
country
issuers
may
be
permitted
to
use
financial
3. Where the Commission permits the continued
statements drawn up in accordance with the accounting
acceptance of financial statements drawn up in accordance
standards of a third country in order to comply with
with the accounting standards of a third country in
obligations under Directive 2004/109/EC and, by derogation
accordance with paragraph 1, it shall review regularly
from Article 35(5) of Regulation (EC) No 809/2004, to
whether the conditions specified in point (a) or (b) (as the
provide historical financial information under that Regulation
case may be) continue to be met, and shall report accordingly
for a period commencing any time after 31 December 2008
to the European Parliament.
and expiring no later than 31 December 2014 in the
following cases:
4. If the conditions in point (a) or (b) of paragraph 1 are
no longer met, the Commission shall take a decision in
(a) the third country authority responsible for the national
accordance with the procedure referred to in Article 24 of
accounting standards concerned has made a public
Directive 2003/71/EC and Article 27(2) of Directive
commitment to converge these standards with Inter
2004/109/EC amending its decision under paragraph 1 in
national Financial Reporting Standards at the latest by
respect of these accounting standards.
31 December 2014 and both the following conditions
are met:
5. When
complying
with
this
Article,
the
Commission
(i) the third country authority responsible for the
shall first consult ESMA on the convergence programme or
national accounting standards concerned has estab
the progress towards adoption of IFRS, as the case may be.’
lished a convergence programme that is compre
hensive and capable of being completed before
Article 2
31 December 2014;
This Regulation shall enter into force on the third day following
its publication in the Official Journal of the European Union.
(ii) the convergence programme is effectively imple
mented, without delay, and the resources necessary
for its completion are allocated to its implementation;
It shall apply from 1 January 2012.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 21 December 2011.
For the Commission
The President
José Manuel BARROSO

---

Document Outline

• �

---