Recital 1

(1)By Commission Implementing Decision (EU) 2016/1155 ² , the Commission decided that for the purposes of Article 46(1) of Directive 2006/43/EC, the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of the competent authorities of the United States of America, namely the Securities and Exchange Commission and the Public Company Accounting Oversight Board, are to be considered to meet requirements that are equivalent to those laid down in Articles 29, 30 and 32 of that Directive. Implementing Decision (EU) 2016/1155 ceases to apply on 31 July 2022. Therefore, the equivalence of those systems should be re-assessed.