(1) A third-country auditor or audit entity registered under Part 6 in pursuance of Regulation 135 may apply to the Supervisory Authority for an exemption from Chapter 1 of Part 8 if a quality assurance review has, under another Member State's or third country's system of quality assurance, been carried out in relation to the auditor or audit entity during the 3 years preceding the making of the application.
(2) On the making of that application, if -
(a) the Supervisory Authority is satisfied that the quality assurance review referred to in paragraph (1) has been carried out as referred to in that paragraph, and
(b) the system of quality assurance referred to in that paragraph has been assessed as equivalent in accordance with Regulation 141,
the Supervisory Authority shall grant the exemption and the third-country auditor or audit entity shall be exempted from Chapter 1 of Part 8 accordingly.