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20 May 2015

FEE responds to the EU Consultation on Capital Markets Union


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In FEE´s view, the European accounting profession can be a constructive partner in developing a CMU, as accounting and auditing are directed towards achieving more efficient, transparent and trustworthy corporate reporting, thus allowing for better informed investment decisions.


Based on FEE´s experience, its response includes the following areas where further action by the Commission could facilitate the better functioning of European capital markets:

  • Ensuring better flow of reliable and understandable information to market participants and potential investors.
  • Using a common accounting framework would provide significant value for SMEs that intend to access pan-European funding and trading platforms. The current patchwork of accounting frameworks based on the EU Accounting Directive cannot serve as the basis for such a single framework.
  • Proportionally applying IFRS to all companies listed on pan-European funding and trading platforms. This could be achieved through ongoing simplification of recognition and measurement requirements of IFRS, and reduced disclosures through the completion of the IASB’s Disclosure Initiative.
  • Creating a more efficient taxation regime, and where the EU’s competencies allow, greater coordination and information sharing between Member States.
  • Further harmonising corporate governance and company law and greater transparency regarding insolvency proceedings.
  • Enhancing the role of the European Supervisory Authorities, to reflect the increased harmonisation and cross border nature of European capital markets.

Press release

Full comment letter



© FEE


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