Reports say EU member states reached an agreement Friday that allows the nations to begin talks with the European Parliament regarding legislation that would require mandatory rotation of accountants, ending a two-year deadlock on the issue, say reports.
Sources told reporters that the EU took one step closer to a law that would mandate companies to rotate their auditors in a fixed cycle of time in efforts to jolt market competition, which has slowed as some companies stick with the same accountant for decades.
According to reports, the member states have come to an agreement that would require auditor rotation every 15 years, or every 20 years for some companies that qualify.
Parliament has supported the notion that there should be a legal cap of 25 years for companies to keep the same accountant.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI