European Financial Disclosure Standards

ECMI-CEPS Task Force, 2003: 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

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

Rapporteurs:

  • Karel Lannoo, CEPS Chief Executive
  • Arman Khachaturyan, former CEPS Visiting Fellow

 
 
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'

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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.