-The first semestrial report by the Committee of European Securities Regulators (CESR) with Mr Doctors van Leeuwen took place in the Economic and Monitary Affairs Committee (EMAC).
‘A stronger supervision of the financial markets’ was Mr Doctors van Leeuwen’s message to EMAC, in replying to questions from MEPs on how the EU should respond to developments in the USA in the wake of Enron and WorldCom. While the Chairman of CESR preferred to reserve judgement on the direct consequences of the collapse of both companies for European businesses, he did say that on balance he felt European procedures which 'demanded judgement from accountants' were better than those prevailing in the USA.
Nevertheless, he was under no illusion about the size of the challenge ahead in putting in place a system to supervise an integrated European financial market. In view of the fact that there were at present some 40 different regulators across the EU with different supervisory powers, he did not think it was practical to introduce a 'big bang' approach by introducing a single system. He preferred to work for a coordinated approach based on consensus.
He acknowledged, however, that this was not always possible for the different national regulators to agree. Nevertheless, taking the special example of the Investment Service Directive (ISD), he did say he wanted to see a modern and flexible approach to regulation.
Speech by Docters van Leeuwen, Chairman of CESR, for the Hearing of CESR by the Economic and Monetary Affairs Committee (EMAC) of the European Parliament, 9th of July 2002
© CESR - Committee of European Securities Regulators
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article