Thursday, 1st October, 2009: The Committee of European Securities Regulators (CESR) has recently published a report on an updated self assessment and peer review on the application and implementation of CESR’s Standard No. 1 ““Enforcement of Standards on financial information in Europe” by EU National Accounting Enforcers.
CESR Standard No. 1 sets out 21 principles on which, in CESR’s view, harmonization of the institutional oversight systems in Europe may be achieved. Those principles deal with the definition of enforcement, the nature of the enforcer, the type of financial information concerned, the methods of enforcement, appropriate enforcement actions, coordination between authorities, and reporting to the public. While the Standard does not have legal status, EU accounting enforcers are expected to comply with the Standard.