02 April 2003

CESR's first initiative on enforcement of financial information in Europe

CESR publishd the first CESR standard on Financial Information: Enforcement of standards on financial information in Europe. The standard is being published along with a feedback statement summarising the responses received during the consultation process. The standard represents a significant part of CESR's contribution to the task of developing and implementing a common approach to the enforcement of International Financial Reporting Standards (IFRS) in Europe.

In particular, the standard outlines that:

Independent administrative authorities set up in Member States, with the necessary powers, should have the ultimate responsibility for enforcement of financial information standards, but delegation is possible.

The selection of financial information to be reviewed for enforcement purposes should, at least, include a risk based approach (a purely rotation or reactive approach is not acceptable).

Enforcers should be able to take appropriate action, in particular by asking for public correction of misstatements.

Cross border coordination on ex-ante and ex-post decision taken by the authorities will take place.

Standards
Feedback statement

© CESR - Committee of European Securities Regulators