Article 2

The Commission shall, at the latest within two years, review the situation of the third countries referred to in the Annex. In particular, the Commission shall verify whether the competent administrative authorities of those third countries referred to in the Annex for which no equivalence decisions have been made by the Commission yet have made a public commitment to the Commission to set up public oversight and quality assurance systems on the basis of the following principles:

(a)	the systems are independent from the audit profession;

(b)	they ensure adequate oversight for audits of listed companies;

(c)	their operation is transparent and ensures that the outcome of quality assurance reviews is reliable;

(d)	they are supported by investigations and penalties in an effective way.