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The role of CESR in the enforcement of financial reporting
In order to maintain market and investors' confidence in particular in the context of the financial crisis, CESR's role in the enforcement of financial statements has become even more important as more focus has been put on the application of the accounting requirements, in particular for financial instruments.
1. The Committee of European Securities Regulators
The Committee of European Securities Regulators (CESR) was established by the European commission decision of June 2001 along with two similar committees that represent banking, insurance and occupational pensions regulators (CEBS and CEIOPS). It is an independent committee of European regulators. Its role is to:
improve coordination among European securities regulators;
act as an advisory group assisting the European Commission, in particular in its preparation of draft implementing measures to support legislative framework for the regulation of Europe's securities markets;
work to ensure more consistent and timely day to day implementation of the European legislative framework in the Members States by issuing guidelines, recommendations and standards.
CESR has no direct regulatory function itself but plays an important liaison ...