Article 18
Requirements equivalent to Article 4(3), second subparagraph, of Directive 2004/109/EC
A third country shall be deemed to set requirements equivalent to those set out in the second subparagraph of Article 4(3) of Directive 2004/109/EC in relation to individual accounts where, under the law of a third country, an issuer whose registered office is in that third country is not required to prepare consolidated accounts but is required to prepare its individual accounts in accordance with international accounting standards recognised pursuant to Article 3 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council ( 7 ) as applicable within the Community or with third country national accounting standards equivalent to those standards.
For the purposes of equivalence, if such financial information is not in line with those standards, it must be presented in the form of restated financial statements.
In addition, the individual accounts must be audited independently.
( 7 ) OJ L 243, 11.9.2002, p. 1.