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Pointing to a former survey of market participants he quoted that sixty-five percent of survey respondents predicted that there never would be a “global” SEC. However, “what if the SEC comes to Europe?”, he asked. “Last week, at an SEC roundtable, four former chairmen of the SEC expressed support for opening a Brussels branch of the US SEC.”
Turning to the aspect of mutual recognition he underlined the good progress achieved with regard to accounting standards. “I expect that, by summer’s end, the SEC will propose the elimination of the requirement under which companies using IFRS have to reconcile their financial statements to US GAAP”, he said. “The SEC likely will consider whether to take the additional step of permitting U.S. companies to select between using U.S. GAAP and IFRS.”
However, Atkins is less less certain of the imminence of mutual recognition in the world of oversight of securities firms and exchanges. After setting out different more theoretical ideas he said, “my main concern with this high-level discussion is that we not be diverted from achievable, near-term goals.”