Speaking before European Parliaments ECON Committee Commissioner McCreevy first referred to the payments directive adopted by ECOFIN the very same day and welcomed the compromise reached.
He then reported about his visit to the US stating that against the background of Sarbanes-Oxley the balance shifted, and that current debates in the US ask to move towards an EU style of regulation. On auditor public oversight systems the Commission agreed to launch roadmap discussions on EU-US cooperation. A meeting with PCAOB chair Olsen will take place in October 2007.
Finally he welcomed the progress reached so far on the Code of Conduct in Clearing and Settlement. The Commission will check the progress of the compliance measures at the next meeting of the Monitoring Group on the 20 of April.
Full speech
© Graham Bishop
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