|
Communication from the Commission on Preventing and Combating Corporate and Financial MalpracticeInfo zo zahraničia | www.europa.eu.int
11.10.2004 | Čítalo: 8182 | Diskusia: 0 Recently, a number of scandals have caused uncertainty in capital markets, damaging the overall economy. In one year Enron shareholders lost around US-dollar 67 billion leaving employees and former employees with meagre retirements1. The market capitalisation of Parmalat depreciated by more than 90% in only three months. Enron, Parmalat and no doubt other companies used and will continue to use complex and opaque structures, including subsidiaries in offshore financial centres (OFC), Special Purpose Vehicles (SPV) and complex financial transactions, often with the complicity of third parties, to reduce the transparency of their activities to investors. The risk of such practices must be reduced. The Financial Services Action Plan (FSAP) and the Action Plan for Company Law and Corporate Governance (Action Plan)2 already provide the right policy response for an effective EU framework for dealing with most of the financial issues raised by the recent scandals. There seems no need to significantly change or add to these action plans; rather to press ahead with their timely implementation and ensure strict oversight and effective control of the application of legislation. The aim of this Communication is to provide a holistic approach on how to reduce the risk of financial and corporate malpractice covering also taxation and law enforcement.
Priložené súbory: Communication from the Commission on Preventing and Combating Corporate and Financial Malpractice
Späť | Domov
| 
