Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-05-03-Speech-4-046"
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"en.20010503.4.4-046"2
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"In yesterday's
Arthur Levitt, a former Chairman of the US Securities and Exchange Commission wrote "Investors, public companies, accounting firms, stock markets and regulators around the world today face one of the great challenges for the global financial system's future: how to fashion an enduring system of comparable, uniform and high-quality financial reporting that is accepted just as much in Europe as it is in the US, and in developed countries as in emerging ones. It is a challenge born less out of crisis and more out of evolutionary progress". He continues "The explosive growth of markets and economies makes developing such a system an imperative. All agree that there is simply no other way to ensure the efficient allocation of capital on a long-term and global basis."
This proposal is part of the European Union's wider response to the challenges described by Mr Levitt and, in particular, it deals with the problem of relatively new types of financial instruments, for example, derivatives and hedge funds.
This directive requires Member States to permit or require all or certain companies to adopt fair value, as opposed to historic cost accounting, where it is appropriate to do so and in the manner spelt out in the directive. It creates a flexible regime and allows Member States considerable discretion in line with the application of the principle of subsidiarity, according to the circumstances as they see it.
It is intended as a first step towards establishing an accounting regime across Europe which meets the requirement of a modern global market place and which, in particular, will provide those who read company accounts with the kind of information they will want and should be entitled to know.
The proposal in front of the House today, together with the amendments – all of which were agreed unanimously in committee – are the result of close collaboration between myself, on behalf of the Legal Affairs Committee, and the Council and Commission, in an effort to reach an agreed formulation which could enable this directive to be dealt with in a single reading.
I believe that this work has been brought to a mutually satisfactory conclusion and I commend it."@en1
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