1 Amendments of Joachim SCHUSTER related to 2020/2036(INI)
Amendment 205 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses the need for European and national supervisory authorities to overcome their differences; calls for supervisory convergence to promote a common European model, guided by the European Securities and Market Authority (ESMA), to reduce the existing obstacles to cross-border financial operations; Is very concerned about the revelations following the Wirecard scandal on shortcomings in the supervision. Underlines that credible audits are vital instruments to build trust in the financial situation of companies. Notes that such audits can only be provided if there is a full independent relationship between auditor and client, and that this independence can by no means be affected by providing non-audit services to the audited entity. Calls therefore on the Commission for a swift review of regulation 537/2014 on statutory audit of public-interest entities to strengthen the rules on rotation, to ensure a full legal separation between the providing of audit and non-audit services, and to ensure that ESMA gets direct supervisory powers over the audit sector.