European Financial Disclosure Standards

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The EU is well advanced in (re-)shaping the regulatory structure for securities markets. As part of this exercise, the EU is rapidly finalising a more harmonised framework for disclosure in the prospectus, market abuse and transparency directives, and has created the structure for harmonised financial reporting principles with the International Accounting Standards regulation. Disclosure is fundamental to investors’ decision-making, the functioning of capital markets, stock performance and market integrity. However, policy-makers should be aware that regulating disclosure is a moving target and that there never is an optimal level of disclosure that can be mandated. Adequate room and flexibility must be built-in for market-driven improvements. This report critically evaluates the new disclosure framework and makes some recommendations for policy. It expresses reluctance regarding the move to quarterly reporting in the draft transparency directive and stresses the need for maintaining some competition between jurisdictions in setting the appropriate disclosure framework.    

Members of the Task Force

Rapporteurs

Karel Lannoo, CEPS Chief Executive

Arman Khachaturyan, CEPS Visiting Fellow    

Members and observers

Ludovic Aigrot, Special Adviser, European Affairs, Euronext Brussels

Elisabeth Alteköster, Head of Office, Volkswagen Liaison Office

Rym Ayadi, Research Fellow, CEPS

Floris Boekholt, Euronext Amsterdam

Nicky Brewster, Manager, Primary Markets Developments, London Stock Exchange

David Brown,Economic Officer, Financial and Monetary Affairs, Mission of the United States to the EU

Philip Buttifant, London Stock Exchange

Asuncion Caparros, Vice President, EU Liaison Office, ABN Amro Bank N.V.

Eve Carpentier, Head of Listing Paris, Euronext Paris

Margaret Cazalet, ECON Secretariat, European Parliament

Paul Chisnall, Director, British Bankers' Association

Clifford Dammers, Secretary General, IPMA

Rudi De Ceuster, Director, Business Wire

Simonetta Di Cagno, Head of Representative Office, Assonime

Carmine Di Noia, Chief Economist, Assonime

Kyriakos Gialoglou, Research Fellow, CEPS

Charles Goldfinger, Managing Director, Global Electronic Finance

Karen D. Haarbo, Deputy Financial Inspector, Finanstillsynet

Mary Hustings, IPMA Gerhard Imbach, Director, Credit Suisse Group

Oliver Kamm, Business Management, Commerzbank Securities

Philippe Lambrechts, Belgian Banking & Financial Commission (CBF)

Mattias Levin, Research Fellow, CEPS

Henry Manisty, Head, Government & Regulatory Affairs, Reuters

Tine Rau Schiott, Listing and company Affairs, Copenhagen Stock Exchange

Donald Ricketts, Consultant, GPC International

Albena Rousseva, European Savings Bank 

Sophia Saridou-Zafiropoulou General Director, Association of Members of the Athens Stock Exchange

Daniel Schwammenthal, Journalist, Dow Jones Newswires

Kleanthi Seimanidi, Lawyer, Association of Members of the Athens Stock Exchange

Xavier Tessier, Senior Officer, International Department, COB (Commission des Operations de la Bourse)

Clara Thompson, Economic Specialist, Mission of the United States to the EU

Constantinos Tomaras, DG Market, European Commission

Margot van Noordennen, Amsterdam Stock Exchange

Simon Wilkinson, Head of RNS, London Stock Exchange

Georgios S. Zavvos, Member of the Legal Service, European Commission

Meetings of the Task Force

Pre-meeting: 24 Jan 2002

1st meeting: 16 May 2002

2nd meeting: 21 Oct 2002

3rd meeting: Mar 2003    

Final Report of the Task Force, October 2003

'The Emerging Framework for Disclosure Regulation in the EU'

Disclaimer: Affiliations are provided for identification purposes only. Task Force members participated as individuals; the report reflects their own views and not those of organisations with which they are affiliated. The report is approved and supported by all Group members. However, members may not necessarily agree on all the detailed issues.