(12)Statutory auditors and audit firms approved by a Member State that audit companies which have issued securities in Brazil, Dubai International Financial Centre, Guernsey, Indonesia, the Isle of Man, Jersey, Malaysia, South Africa, South Korea, Taiwan or Thailand, or which form part of a group issuing statutory consolidated accounts in one of those third countries or territories, are regulated under the domestic laws of the respective third country or territory. It should therefore be decided whether the competent authorities of those third countries and territories meet requirements which can be considered adequate having regard to the regulatory cooperation requirements set out in Article 36 of Directive 2006/43/EC or essentially equivalent in their function.