Brussels, 27/01/2014 (Agence Europe) - European bodies supervising banks, the financial markets and insurance have expressed concern at the reorganisation of the high-level advisory group on financial information in Europe (EFRAG) as recommended in the Maystadt Report (see EUROPE 10961).
In a joint letter to Internal Market Commissioner Michel Barnier last week, the three European bodies say that the recommendations on reform of the current structure of EFRAG, as suggested in the report, do not take enough account of the general interest. They reject the idea of giving a structure controlled by both private and public bodies the power to endorse a recommendation, arguing that the responsibility for validating a European Commission recommendation (the Commission has the ultimate decision-making powers on accounting standards in the EU) should be the power solely of a public body which has the job to protect the public interest.
If the reforms continue in the manner recommended in the Maystadt Report, then the three bodies say they will withdraw from their work at EFRAG, and remain solely as observers. (MB/transl.fl)