In remarks before the third annual European Financial Services Conference, Richard E. Thornburgh, executive vice chairman of Credit Suisse First Boston, member of the Credit Suisse Group Executive Board, and board member and immediate past chairman of the Securities Industry Association, strongly recommended that the European Union start to implement legislation passed by the EU to create a single, unified securities market (the Financial Services Action Plan). “These measures must now be transformed into national law…[Therefore] we believe the [EU]…should strongly resist proposing any new financial services legislation…[and instead] focus its energies on ensuring that FSAP is implemented and enforced as intended, and that the FSAP’s goal of creating an integrated single capital market is properly served by the national laws and regulations adopted to implement it,” said Thornburgh. Linking Europe’s markets, he said, will create greater liquidity for investors, a deeper pool of capital for companies, and increased financing for trade in goods and services. Thornburgh also urged the EU that an equivalence determination be made for U.S. accounting rules, as “failing to make a positive equivalence determination could have a profound negative impact on the depth and liquidity of the EU capital markets.”
In addition, Thornburgh announced the creation of SIA’s International Advisory Council, which will offer guidance to SIA’s board on issues affecting the global capital markets, specifically the development of efficient, integrated global capital markets and the convergence of high-level regulatory approaches to reduce impediments to cross-border business.
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