1. A public-interest entity shall appoint a statutory auditor or an audit firm for an initial engagement of at least one year. The engagement may be renewed.
Neither the initial engagement of a particular statutory auditor or audit firm, nor this in combination with any renewed engagements therewith shall exceed a maximum duration of 10 years.
2. By way of derogation from paragraph 1, Member States may
(a) require that the initial engagement referred to in paragraph 1 be for a period of more than one year;
(b) set a maximum duration of less than 10 years for the engagements referred to in the second subparagraph of paragraph 1.
3. After the expiry of the maximum durations of engagements referred to in the second subparagraph of paragraph 1, or in point (b) of paragraph 2, or after the expiry of the durations of engagements extended in accordance with paragraphs 4 or 6, neither the statutory auditor or the audit firm nor, where applicable, any members of their networks within the Union
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