22 October 2002

CESR Consultation on principles of enforcement of accounting standards in Europe

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CESR released a consultation paper which contains a Statement of Principles (SOP) covering definition and methods of enforcement of accounting standards. The SOP will be used for developing standards of best practice on enforcement among CESR members.

The paper puts forward the way in which the harmonisation of the institutional oversight systems may be achieved in Europe. In particular, it provides a definition of enforcement of financial information, selection techniques applicable by enforcers and a description of the responsibilities of the different parties involved.

This SOP should be regarded as part of CESR’s contribution to the task of developing and implementing a common approach to enforcement of International Accounting Standards (IAS) in Europe. The harmonisation of enforcement systems is expected to be an effective tool to create an efficient capital market within the Union and should restore and improve investors confidence in capital markets.

CESR will hold an open hearing on January 7, 2003 in Paris.
The deadline for responses to the consultation paper is 15 January 2003 and should be addressed to Mr Fabrice Demarigny, Secretary General, CESR, by email at secretariat@europefesco.org.

Press release
Consultation paper

© CESR - Committee of European Securities Regulators