(a) Pursuant to the provisions of Education Law section 7406(1) and upon the recommendation of the State Board, the department will consider applications for limited permits, following receipt from the appropriate authority in the foreign country, of documentation which establishes or sets forth:

1. (1) the licensing standards and processes applied by the licensing authority of that country;
2. (2) the certificate, license, or degree which is recognized in the foreign country as qualification to perform the acts specified in Education Law section 7401; and
3. (3) that the foreign country grants equal authority to certified public accountants or public accountants licensed in the United States.

(b) Upon receipt of an application and supporting evidence, and upon recommendation of the State Board, the department will issue a limited permit to an applicant who holds a degree, certificate or license specified in subdivision (a) of this section from a foreign country which has complied with said subdivision, if the applicant:

1. (1) demonstrates that he or she has professional qualifications which are determined by the State Board to be significantly comparable of those required for New York licensure;
2. (2) evidences proficiency in the use of generally accepted accounting principles and auditing standards as practiced in New York;
3. (3) demonstrates that the applicant resides or has a place for the regular transaction of business within New York State;
4. (4) is of good moral character; and
5. (5) has paid an application fee of $250 for issuance of a limited permit.

(c) A limited permit issued pursuant to these provisions:

1. (1) shall be valid for a period of two years;
2. (2) may be renewed on recommendation of the State Board upon reapplication, payment of a renewal fee of $250 and a demonstration that the purposes intended to be served by the original permit have not been accomplished;
3. (3) shall authorize the holder to use only the titles or designations used in the foreign country, followed by the name of the country from which he or she received his or her certificate, license or degree; and
4. (4) shall subject the holder to the jurisdiction of the department and the Board of Regents in matters relating to the regulation of professional misconduct under the provisions of article 130 of the Education Law and regulations promulgated under authority of such law.