Accounting standards to come under EU scrutiny

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Accounting standards to come under EU scrutiny

BRUSSELS, EU - The European Commission plans to impose accounting standards on all bond issuers, according to The Times today.

The EU's Prospectus Directive also plans to subject companies from outside the EU to rigorous account scrutiny.

Robert Finch, Lord Mayor of London, told The Times of his fears that non-EU countries will take their business elsewhere.

He commented: "Other non-European issuers are watching. This is now a crucial period for London."

London accounts for up to 70 per cent of the international bonds market. Fears have therefore arisen in the wake of the Commission's proposal that London will not only lose their dominance of the market but will also lose out materially.

The proposal has also brought the EU's attitude to competing markets into the spotlight once again.

Cliff Dammers, secretary general of the International Primary Market Association, has criticised the EU for losing sight of its role in a globalised market. He told the Times: "It's not a ring-fenced world."

The decision now rests on negotiations between the Irish Presidency and the Commission.

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