WRITTEN QUESTION P-3776/03 by Christopher Huhne (ELDR) to the Commission. US GAAP.
Date: 2003-12-05
Institutions: European Parliament, Provisional data
Subjects: accounting, committee (EU), financial legislation, financial market, international standard, securities, stock-exchange listing

C 78 E/856

Official Journal of the European Union

EN

27.3.2004

(see in articular paragraphs 117 and 118). NRAs in other Member States have already applied price
squeeze tests in line with this notice, in particular on the network architecture and network protocol
(xDSL) markets. It is, in the first place, the responsibility of the NRAs to inquire about any possible anti-
competitive behaviour by any operator, given of course, that they are sufficiently equipped with all
necessary powers. The Commission, on the other hand, examines any formal complaints submitted to it by
any interested party identifying possible infringements of the Community competition rules. So far, no
such complaint has been received.

(1) Directive 2002/21/EC of the Parliament and of the Council of 7 March 2002 on a common regulatory framework

for electronic communications networks and services (Framework Directive), OJ L 108, 24.4.2002.

(2) Directive 2002/22/EC of the Parliament and of the Council of 7 March 2002 on universal service and users’ rights
relating to electronic communications networks and services (Universal Service Directive), OJ L 108, 24.4.2002.
(3) Directive 2002/20/EC of the Parliament and of the Council of 7 March 2002 on the authorisation of electronic

communications networks and services (Authorisation Directive), OJ L 108, 24.4.2002.

(4) Directive 2002/19/EC of the Parliament and of the Council of 7 March 2002 on access to, and interconnection of,

electronic communications networks and associated facilities (Access Directive), OJ L 108, 24.4.2002.
IP/03/1356 and IP/03/1750.

(5)
(6) Communication from the Commission to the Council, the European Parliament, the European Economic and Social
Committee and the Committee of the Regions (COM(2003) 715 final), Report on the Implementation of the EU
Electronic Communications Regulatory Package.

(7) Notice on the application of the competition rules to access agreements in the telecommunications sector (cid:1)

Framework, relevant markets and principles, OJ C 265, 22.8.1998.

(2004/C 78 E/0909)

WRITTEN QUESTION P-3776/03

by Christopher Huhne (ELDR) to the Commission

(5 December 2003)

Subject: US GAAP

Could the Commission clarify whether CESR has been asked to provide an answer on what it believes
constitutes ‘equivalent’ accounting standards in its advice on Level 2 implementing measures for the
Prospectus Directive (2003/71/EC (1)) Article 20(3) and Section 4.2 of the Commission’s mandate of
7 February 2003 (CESR 03-038)?

Given the worrying trend of Asian companies looking to Asian rather than EU markets in the absence of
clarification on EU policy, can the Commission make a clear statement of intention to recognise US GAAP
as equivalent for non-EU issuers?

(1) OJ L 345, 31.12.2003, p. 64.

Answer given by Mr Bolkestein on behalf of the Commission

(28 January 2004)

The first provisional mandate of 18 March 2002 sent to the Committee of European Securities Regulations
(CESR) by the Commission requested advice related to the detailed content of prospectuses. Article 7 and
its implementing measures cover the minimum information requirements to be included in a prospectus
for both Union and non Union issuers prepared according to Community requirements. This advice might
also have a bearing on any possible measures implementing Articles 20(3) of the Prospectus Directive
(2003/71/EC) (1). These implementing measures need to address the issue of the financial information to be
given by third countries issuers in line with existing Community legislation that already address this issue
in Directive 2001/34/EC (2).

27.3.2004

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Official Journal of the European Union

C 78 E/857

CESR proposed in its advice a general principle requiring that the national accounting standards to be used
by third country issuers in their prospectuses drafted under Union laws when presenting their financial
information should be ‘equivalent’ to Regulation (EC) No 1606/2002 (3) of the Parliament and of the
Council of 19 July 2002 on the application of international accounting standards.

As to the second question, regarding recognition of US GAAP (4), the situation is as follows. CESR
proposed a solution introducing a transitional period for the application of the general principle of
equivalence described above, which would allow internationally accepted accounting standards to be used
by third country issuers in their prospectuses when presenting their financial information. In its draft
implementing measures with respect to the Prospectus Directive (2003/71/EC), the Commission proposes
to follow CESR’s advice of a transitional period until 2007. The Commission will reflect in due course on
further detailed arrangements for the application of the general principle of equivalence.

(1) Directive 2003/71/EC of the Parliament and of the Council of 4 November 2003 on the prospectus to be published
when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (Text with EEA
relevance), OJ L 345, 31.12.2003.

(2) Directive 2001/34/EC of the Parliament and of the Council of 28 May 2001 on the admission of securities to

official stock exchange listing and on information to be published on those securities, OJ L 184, 6.7.2001.

(3) OJ L 243, 11.9.2002.
(4) Generally Accepted Accounting Principles in the United States.

(2004/C 78 E/0910)

WRITTEN QUESTION E-3795/03

by Chris Davies (ELDR) to the Commission

(11 December 2003)

Subject: Meeting UN sustainable fishing targets

Will the Commission outline its 12-year step-by-step strategy to ensure that by 2015, the date set by the
UN World Summit on Sustainable Development, all fishing activity within EU waters is taking place in a
sustainable manner?

Answer given by Mr Fischler on behalf of the Commission

(16 January 2004)

The Commission will make all efforts to observe the commitment made at the Johannesburg World
Summit on Sustainable Development to ‘Maintain or restore stocks to levels that can produce the
maximum sustainable yield with the aim of achieving these goals for depleted stocks on an urgent basis
and where possible not later than 2015’.

In order to achieve this objective, the Commission will make use of the legal instruments adopted during
the recent reform of the Common Fisheries Policy, and in particular the following:

(cid:1) the setting of recovery plans for stocks which are outside safe biological limits, in accordance with
Article 5 of Regulation (EC) No 2371/2002 (1). At present the Commission has made proposals for
recovery plans concerning five stocks of cod and one stock of hake, which have been recently adopted
by the Council, and has made proposals for hake and nephrops in the Iberian peninsula and for the
stocks of sole in the western Channel and in the Bay of Biscay. Other proposals may follow
afterwards;

(cid:1) the setting of management plans for maintaining and exploiting stocks within safe biological limits, in

accordance with Article 6 of the above-mentioned Regulation;