Communiqué de presse 16/45
Investment funds having their units admitted to trading on a regulated market within the meaning of point 14 of Article 4(1) of MiFID are PIEs.
In addition to the requirements of the Audit Directive and PIE Regulation as described in the FAQ of the CSSF dated 24 August 2016 i.e. mandatory audit firm rotation, provision of non-audit services, extended audit report and exemption to have an audit committee, we would like to highlight further diligences to be performed by the “Réviseur d’entreprises agréé” on these entities linked to their PIE status:
- the completion of an engagement quality control review prior to the issuance of the audit report (Article 8 of the PIE Regulation);
- the internal rotation of the key audit partner responsible for carrying out the audit (Article 17 of the PIE Regulation);
- the inclusion in the transparency report of these PIEs.
These measures will be applicable for periods beginning on or after 17 June 2016.