The mandate defines priority areas where implementing measures are needed to complete the Level 1 Directive approved on 11 May 2004 by ECOFIN Council. This mandate is limited to those technical details which are indispensable for its effective transposition in all the Member States.
On the equivalence of financial statements prepared under third country accounting standards, a separate mandate will be issued to CESR.
The Commission intends to issue an additional mandate after having received a first progress report by CESR in early 2005. That mandate would deal with the role of the officially appointed mechanism responsible for storing regulated information.
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