Long Association Task Force Richard Fleck, Task Force Chair IESBA Meeting March14-16, 2016 Madrid, Spain

Background – Limited Re-exposure Draft Long Association Background – Limited Re-exposure Draft Limited Re-Exposure Draft issued February 4, 2016 Responses due May 9, 2016 One favorable response received so far

Restructuring – Preliminary Considerations Long Association Restructuring – Preliminary Considerations In advance of receiving re-ED responses have prepared preliminary restructured text Accelerates the restructuring work to keep pace with Structure ED 2 Structure project team have considered the preliminary restructuring Safeguards Task Force will review the preliminary draft after this meeting

Restructuring – Less is More Long Association Restructuring – Less is More Light-touch restructuring Quality of the existing drafting modelled the structure project approach Anxious not to disturb meaning Re-numbered throughout Used the drafting Guidelines developed by the Structure project Used “might” instead of “may” where appropriate Right balance made between requirements and guidance New heading for regulatory exemption in 540.12 A1/290.153

Forward Timeline May 2016 Forum of Firms Discussion Long Association Forward Timeline May 2016 Forum of Firms Discussion June 2016 National Standard Setters Discussion June 2016 IESBA Full review re-ED 2nd read restructure Sept. 2016 IESBA CAG Re-ED responses Sept. 2016 IESBA Approve close-off and restructured text