The limits of including financial disclosure rules in a European capital markets code

This chapter is structured as follows: Part B provides an overview of the European corporate disclosure regime, which is characterized by a dualist regulatory approach. Part C examines the obstacles to the inclusion of financial disclosure rules in an ECMC. After clarifying that consolidated accounts should be the leading candidate for inclusion in an ECMC, this part examines the endorsement process of IAS/ IFRS adopted by the EU and illustrates the limited ability of the European legislator to shape IAS/ IFRS. In addition, this part suggests that an ECMC would not be able to promote the harmonization of accounting information provided by European listed companies. Part D analyses possible regulatory strategies and considers whether general definitions provided by the ECMC can also be relevant for the interpretation of corporate disclosure rules. Part E concludes.