IFAC Response to European Commission’s Green Paper: Building a Capital Markets Union

IFAC has welcomed the European Commission’s emphasis on jobs and growth, removing regulatory barriers and work toward a single rule book across the European Union.  These issues are certainly not confined to the EU region and IFAC will continue to pursue the importance of effective regulatory collaboration, consistency and proportionality around the globe. IFAC supports the need for common and appropriate standards for use in SME Growth Markets, but cautions against the development of yet another new set of standards. Instead, IFAC recommends collaboration with international standard setters to holistically address the need and ensure consistency. IFAC also emphasizes the importance of auditing in effective capital markets, and recommends continued reflection on the implementation consistency and impact of the EU’s recent audit reforms.