Evolution of Accounting and Financial Sector Regulation within The European Union Policy

17 Pages Posted: 16 Jun 2008

See all articles by Maria Cristina Ungureanu

Maria Cristina Ungureanu

Sodali; Genoa Centre for Law and Finance, University of Genoa; European Corporate Governance Institute (ECGI)

Voicu D. Dragomir

Bucharest Academy of Economic Studies

Abstract

The aim of the European Union's policy in the financial services sector is to create an integrated Europe-wide single market through a framework of legislation, co-operation and practice. Efforts to promote the integration of financial services in the EU began in 1973 on a piecemeal basis, but the impetus for an overall framework came at the 1998 European Council. The Commission prepared the Financial Services Action Plan (FSAP) to tackle inflexible market structures, legal and supervisory barriers and administrative difficulties. Our paper presents the evolution of accounting and financial sector legislation pertaining to disclosure provisions marked by two legislative cornerstones: the FSAP and the International Accounting Standards initiatives. We attach indices A1 and B1 to accounting legislation and financial-banking legislation respectively, introduced prior to the FSAP and the IAS; A2 and B2 indices are allocated to accounting and financial-banking legislation following the proposal of these two initiatives. Although some legislation is still pending, the emphasis of the EU 2005-2010 policy is on implementation and consolidation of the FSAP measures, a "regulatory pause", rather than a raft of new rules.

Keywords: Accounting, financial sector, company law directive, Basel, banking

JEL Classification: B25, F36, G20, G38, K22, M40

Suggested Citation

Ungureanu, Maria Cristina and Dragomir, Voicu D., Evolution of Accounting and Financial Sector Regulation within The European Union Policy. Available at SSRN: https://ssrn.com/abstract=1144723 or http://dx.doi.org/10.2139/ssrn.1144723

Maria Cristina Ungureanu (Contact Author)

Sodali ( email )

9 West 57th Street
26th Floor
New York, NY 10019
United States

Genoa Centre for Law and Finance, University of Genoa ( email )

Genova
Italy

HOME PAGE: http://www.clfge.org

European Corporate Governance Institute (ECGI) ( email )

c/o ECARES ULB CP 114
Brussels, B-1050
Belgium

HOME PAGE: http://www.ecgi.org

Voicu D. Dragomir

Bucharest Academy of Economic Studies ( email )

6, Romana Square, District 1
Bucharest, 010374
Romania

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