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Germany establishes a financial reporting enforcement mechanism

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17 May 2004

Under the auspices of the German Federal Ministry of Justice, representatives of 15 professional and industry associations have established the Financial Reporting Enforcement Panel (FREP).

The role of the FREP is solely to discover infringements of financial reporting requirements by listed entities, including matters of compliance with IFRSs. It does not have any authority to impose sanctions. The FREP will inform the entity and the government's Financial Services Authority of any possible irregularity it has discovered. Thereafter, the Financial Services Authority has responsibility to take appropriate enforcement action. Click for Announcement (PDF 29k).

 

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