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05 November 2002

EPFSF: The Integrity of Financial Markets Accounting Scandals and Corporate Governance

The Last meeting of the European Parliamentary Financial Services Forum (EPFSF) dealt with the issues of accounting scandals and corporate governance. The briefing report states that the fall-out from the ENRON scandal pointed to a number of apparent weaknesses in the US system of oversight. In general the market has proved itself to be vulnerable to fraud and unable to ensure an adequate level of security.

What has made the present situation so critical is its dimension, and the fear that more than one 'pillar' of the system has been showing the signs of age and calls now for an urgent update.

Looking at the fragility of the markets in Europe and the US the report summarizes the different actions undertaken by the US and the EU, criticizing that nothing has been said in that context about how to overcome the differences among national approaches and solutions. A European common ground is regarded as a good starting point for a further overseas' dialogue and cooperation

Briefing report

© EPFSF - European Parliamentary Financial Services Forum

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