CESR launched a consultation paper proposing greater co-ordination of enforcement activities by supervisors of financial information in Europe.
CESR considers that it is insufficient to adopt an internationally recognised set of accounting standards without robust and consistent enforcement of those standards. Responding to this challenge, CESR proposes a set of standards on enforcement activities to accomplish this, and in particular the present draft standard no. 2 proposes to establish appropriate co-ordination of enforcement on a pan-European level.
The key proposals, which will shape regulators approach, are in the form of ‘Standard No 2’ and establish a set of principles, which include:
To discuss decisions and experiences with non securities regulators in a regular manner within a formalised structure and therefore establishing a ‘European Enforcers Co-ordination Sessions (EECS)’
The principle that all supervisors should take into account existing decisions
The development of a database
CESR will hold an open hearing on 12 November 2003 in Paris. Registrations for the hearing can also be sent by email. Written responses are welcome and can be addressed to Mr Fabrice Demarigny, Secretary General of CESR, by email at secretariat@europefesco.org. The deadline for submission is 7 January 2004
Press release
Consultative Document
© CESR - Committee of European Securities Regulators
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