Regulatory Alerts2021-01-01
Board of Directors Decision No. 191 of 2021 Amending Board of Directors Decision No. 50 of 2014 Regarding the Regulation of the Work of the Quality Control Unit for Auditors Registered with the Authority
The Financial Regulatory Authority's Board of Directors issued Decision No. 191 of 2021, amending Decision No. 50 of 2014 to regulate the Quality Control Unit for Auditors registered with the Authority. The amendments replace Article Second, Clause 1, to include proposing rules for auditor registration, suspension, and delisting, and Article Fifth, which now specifies quorum and voting requirements for the Unit's Council recommendations, requiring the Authority's Board approval for effectiveness. A new Clause 1 bis is added to Article Second, empowering the Unit to issue measures against auditors, with all such measures, including prohibition, suspension, or delisting, requiring approval from the Head of the Authority and subsequent adoption by the Authority's Board of Directors.