• whose transferable securities are admitted to trading on a regulated market of any Member State, whose audit (either group or component audit) is carried out in Ireland; and
• who is governed by the law of a member state;
is defined as a PIE. However if the transferable securities are only listed on a regulated exchange outside of the EEA it does not fall under the PIE definition. Also important is where the is entity is incorporated. If the entity is incorporated outside of the EEA it is unlikely to fit the criteria of ‘entities governed by the law of a Member State’ and therefore falls out of scope of PIEs.