McCreevy and Cox honoured by EU/US business

Charlie McCreevy and Christopher Cox have been lauded with the prestigious
Atlantic Leadership Award by the European-American Business Council.

McCreevy – a European Union Commissioner for Internal Market and Services –
and Cox – chairman of the US Securities and Exchange Commission – received the
award on Friday, in recognition of their work in addressing issues of evolving
transatlantic economic cooperation and regulatory harmony.

In accepting his award, Cox outlined the Commission’s priorities for the
coming year, which included a roadmap for US implementation of IFRS, a roadmap
on interactive data delivery using XBRL and the pursuit of mutual recognition of
securities market regulation.

‘Our task as regulators is to lower the barriers to the efficient operation
of the world’s capital markets, by rationalising the different regulatory
approaches. Of pre-eminent importance as we do this is our fundamental mission
of protecting investors, maintaining orderly markets and, promoting capital
information. In all of these things, we are Europe’s close partner,’ he said.

In his acceptance speech, McCreevy told the audience of more than 100
business leaders and representatives of government, that the EU remains
committed to focusing on an internationally coordinated response to tackle the
key issues of market transparency, prudential regulation and risk management,
valuation and market functioning.

‘We [the US and EU] are working full steam to deliver results here. We have
also started to talk bilaterally on new issues like sovereign wealth funds,’ he
said.

He said the EU would continue to focus on accounting, auditing, reinsurance
and mutual recognition of securities, making it clear that ‘our existing files
in the financial markets regulatory dialogue should not be affected by the
turmoil, on the contrary.’