CESR launches today a consultation paper proposing greater co-ordination of enforcement activities by supervisors of financial information in Europe 'Draft Standard 2 on Financial Information - Co-ordination of Enforcement Activities'. CESR's members consider that it is insufficient to adopt an internationally recognised set of accounting standards (as published by the International Accounting Standards Board, IASB and endorsed by the European Commission) 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' In order to give all interested parties the opportunity to express their opinions on the draft standard and the principles set out above, CESR will hold an open hearing on 12 November 2003 at CESR's premises in Paris. Registrations for the hearing can also be sent to the email address set out below. Written responses are also 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.
Please click here to view the CESR draft standard No. 2 on financial fnformation - Co-ordination of Enforcement Activities (Ref. CESR/03-362b).