Regulations on Audit Committees of Entities of Public Interest No. 413

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Regulations of the Bank of Latvia No. 413 Riga 2026. February 2

Regulations on Audit Committees of Entities of Public Interest

Issued in accordance with Article 37.9, paragraph 2.1 of the Audit Services Law

These Regulations determine the volume and deadline for submitting information, by which an entity of public interest provides the Bank of Latvia with information regarding the establishment of an audit committee or an equivalent structure, its composition and changes in the composition of the audit committee, or the justification for not establishing it. 2
An entity of public interest submits information to the Bank of Latvia within 10 business days after the adoption of the decision on the establishment of an audit committee, indicating: 2.1. the first name and surname of each member of the audit committee, separately indicating the first name and surname of the chairman of the audit committee; 2.2. which members of the audit committee meet the independence criteria mentioned in the third paragraph of Article 55.6 of the Financial Instruments Market Law; 2.3. which members of the audit committee have education and professional experience that meets the requirements of the seventh paragraph of Article 55.6 of the Financial Instruments Market Law; 2.4. which members of the audit committee have knowledge that meets the requirements of paragraph 7.1 of Article 55.6 of the Financial Instruments Market Law (if applicable); 2.5. the term of the mandate of the audit committee, including the period from which to which date the mandate is in force. 3
If an entity of public interest that meets the criteria for small and medium-sized enterprises specified in paragraph 1.1 of Article 55.11 of the Financial Instruments Market Law has adopted a decision to delegate the functions of the audit committee to the company's board of directors, it submits information to the Bank of Latvia within 10 business days after the adoption of the decision, indicating the date of adoption of the decision and the justification. 4
If an entity of public interest is a subsidiary and a structure established at the group level ensures the fulfillment of the tasks set for the audit committee by the Financial Instruments Market Law, it submits information to the Bank of Latvia within 10 business days after the adoption of the decision on delegating the audit committee's tasks to the structure established at the group level, indicating: 4.1. the date of adoption of the decision; 4.2. the name of the parent company and the name of the structure established at the group level; 4.3. the information specified in sub-points 2.1., 2.2., 2.3., 2.4. and 2.5. of these Regulations. 5
If an entity of public interest already has an audit committee equivalent structure established that meets the requirements set for the audit committee by the Financial Instruments Market Law, it submits information to the Bank of Latvia within 10 business days after the adoption of the decision on delegating the audit committee's tasks to this structure, indicating: 5.1. the date of adoption of the decision; 5.2. the name of the structure; 5.3. the information specified in sub-points 2.1., 2.2., 2.3., 2.4. and 2.5. of these Regulations, if it has not already been submitted to the Bank of Latvia. 6
If an entity of public interest is a public pension fund or a manager of state-funded pension scheme funds, or manages investment funds, or its sole commercial activity is issuing securities supporting the issuance of asset-backed securities in accordance with point a) of Article 1 of Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, examination and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004, and it chooses not to establish an audit committee in accordance with the Audit Services Law or the Financial Instruments Market Law, then such an entity of public interest submits information to the Bank of Latvia within 10 business days after the adoption of the decision not to establish an audit committee, indicating the date of adoption of the decision and the justification. 7
An entity of public interest submits the information specified in points 2., 3., 4., 5. or 6. of these Regulations to the Bank of Latvia in electronic form using the official electronic address. 8
Regarding any changes to the information provided in accordance with points 2., 3., 4., 5. or 6. of these Regulations, the entity of public interest informs the Bank of Latvia within 10 business days by submitting updated information. 9
An entity of public interest that has already adopted a decision regarding the audit committee before the date these Regulations enter into force and has informed the Bank of Latvia in writing upon request, assesses whether its previously provided information complies with the information specified in points 2., 3., 4., 5. or 6. of these Regulations. If the entity of public interest finds that incomplete information was provided or that changes have occurred in the previously provided information, it submits additional or updated information to the Bank of Latvia within 10 business days after the entry into force of the Regulations. 10

President of the Bank of Latvia M. Kazāks

Legal Act Details

Title: Regulations on Audit Committees of Entities of Public Interest

Status:

In force

in force

Issuer: Bank of Latvia

Type: regulations

Number: 413 Adopted: 02.02.2026. Enters into force: 07.02.2026. Published: Latvijas Vēstnesis, 26, 06.02.2026.

OP number:

2026/26.7