A relevant audit client is an audit client of the third-country audit firm. It is a company incorporated outside the EU/EEA and which has transferrable securities admitted to trading on a regulated market in Ireland. The issuers within article 2(1) of Directive 2004/109/EC are included except the following which the law specifically excludes:
The company issuing exclusively debt securities within the meaning of article 2(1)(c) of Directive 2004/109/EC and these debt securities were admitted to trading in Ireland on or after 31 December 2010 and have a denomination per unit of at least €100,000 (or equivalent to this value at date of issue if a different currency), or
The company issues exclusively debt securities within the meaning of article 2(1)(c) of Directive 2004/109/EC and these debt securities were admitted to trading in Ireland before 31 December 2010 and have a denomination per unit of at least €50,000 (or equivalent to this value at date of issue if a different currency), or
The company issues exclusively units issued by collective investment undertakings that are not closed-end types, or units acquired or deposited of in such collective investment undertakings within the meaning of Article 1 (2) of Directive 2004/109/EC
If a third-country audit entity is uncertain whether its client is a relevant audit client it may need to consider seeking legal advice. IAASA cannot provide such advice.