Europe

Consumer Protection

The Commission has recently published a Green Paper on Consumer Protection and Commercial Practices which can be accessed on the website at http://europa.eu.int/comm/consumers/policy/developments/fair_comm_pract/fair_comm_pract_index_en.html).  This proposal suggests the idea of adopting a Framework Directive on fair commercial practices and the development of a legal instrument for co-operation between enforcement authorities.  The Commission is going to engage in detailed consultation with Member States and other interested parties to work on issues to be covered in such a Directive.

International Accounting Standards

The IAS Regulation was proposed by the Commission in February 2001.  It is an essential measure in the Financial Services Action Plan.  The Regulation will require, from 2005 onwards, listed companies, including insurance companies and banks, to prepare their consolidated accounts in accordance with International Accounting Standards (IAS).  It aims to reduce barriers to cross-border trading in securities by ensuring that company accounts throughout the EU are more reliable and transparent and that they can be more easily compared.  It is hoped that this will increase market efficiency and improve competitiveness in the EU.  It should reduce the cost of raising capital for companies.