Financiers concerned about regulation cut plans

News Article - 20 July 2007
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Moves to simplify the rules governing financial regulation could cause shareholders and investors to miss out on significant information, it has been claimed.

The European Federation of Accountants has responded with concern to a new consultation issued by internal markets commissioner Charlie McCreevy which plans to cut down on the bureaucracy surrounding the regulations.

"If we want to enable European businesses to compete in today's global market, we need to cut red tape," said Mr McCreevy.

He added that many EU rules in relation to accounting and business law are more than two decades old and "place unnecessary burdens on EU businesses".

The federation's president however, Jacques Potdevin, said that cutting down of regulation could negatively impact upon the value of shareholder data.

Mr Potdevin recently praised the European commission for its balanced approach to the issue of auditor liability following the release of a response summary to an earlier consultation.

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