15/11/2005 (Agence Europe) - On 15 November, the European Commission announced the creation of a European forum for receiving the opinions of market players on limiting financial burdens for auditors and considering market-led solutions to mitigate litigation risks. Composed of around twenty experts (auditors, bankers, investors, insurers, academics and companies), the forum will above all provide the necessary data for: 1) a study that the Commission hopes to launch early 2006 on the economic impact of alternative liability regimes, competition in the market and availability of insurance; 2) a report that the Commission plans to publish by end 2006 in the context of the 8th Company Law Directive on statutory audit, to examine the impact of liability rules for carrying out statutory audits on European capital markets and insurance conditions. The report will be followed by recommendations to Member States. Charlie McCreevy, Internal Market and Services Commissioner, comments in a press release: “No-one wants another corporate scandal (…) We think the time is ripe for EU action. The Forum's market experts will help us to analyse all the issues”.