Requirement (MIFID)
Article 55 Relations with auditors
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States shall provide, at least, that any person authorised
within the meaning of Eighth Council Directive 84/253/EEC of 10 April
1984 on the approval of persons responsible for carrying out the statutory
audits of accounting documents (1), performing in an investment
firm the task described in Article 51 of Fourth Council Directive 78/
660/EEC of 25 July 1978 on the annual accounts of certain types of
companies (2), Article 37 of Directive 83/349/EEC or Article 31 of
Directive 85/611/EEC or any other task prescribed by law, shall have a
duty to report promptly to the competent authorities any fact or decision
concerning that undertaking of which that person has become aware
while carrying out that task and which is liable to:
(a) constitute a material breach of the laws, regulations or administrative
provisions which lay down the conditions governing authorisation or
which specifically govern pursuit of the activities of investment
firms;
(b) affect the continuous functioning of the investment firm;
(c) lead to refusal to certify the accounts or to the expression of reservations.
That person shall also have a duty to report any facts and decisions of
which the person becomes aware in the course of carrying out one of
the tasks referred to in the first subparagraph in an undertaking having
close links with the investment firm within which he is carrying out that
task.
2. The disclosure in good faith to the competent authorities, by
persons authorised within the meaning of Directive 84/253/EEC, of any
fact or decision referred to in paragraph 1 shall not constitute a breach
of any contractual or legal restriction on disclosure of information and
shall not involve such persons in liability of any kind.