Regulatory term used to describe the EU-wide and also international enforcement of certain accounting and auditing regulations. – In a two-stage process, the German Financial Reporting Enforcement Panel (FREP) and the German Federal Financial Supervisory Authority (BaFin) inspect the financial statements of those companies whose securities are admitted to trading on the official or regulated market in Germany. With regard to enforcement, there are corresponding agreements with the supervisory authorities of many countries from which companies have admitted securities to trading on the stock exchange in Germany. – The costs of the DRP and BaFin required to fulfill the enforcement function are covered by an allocation in accordance with the Ordinance on the Allocation of Financial Reporting Enforcement Costs (Bilanzkosten-Umlageverordnung, BilKoUmV). – See audit, supervisory culture, CESR, enforcer, lead supervisor. – See BaFin’s 2004 Annual Report, pp. 71 f. (report on guidelines), BaFin’s 2005 Annual Report, pp. 58 f. (establishment of a European Enforcers Coordination Session; database on enforcement), p. 179 (flow chart), p. 180 (coordination with Chamber of Auditors), BaFin’s 2006 Annual Report, pp. 188 ff. (examinations on grounds, sample examinations; consultation in the event of errors being identified; fine proceedings), BaFin’s 2007 Annual Report, pp. 197 ff. (overview of countries; frequent errors in documents; case law), BaFin Annual Report 2008, p. 65 (database of decisions), pp. 186 ff. individual cases; case law: publication of errors as a decisive means of enforcing enforcement), BaFin Annual Report 2009, p. 210 (overview of enforcement proceedings since 2005). BaFin Annual Report 2010, p. 228 et seq. (error publication proceedings abridged; new case law), BaFin Annual Report 2013, p. 181 (BaFin enforcement proceedings broken down since 2003; reimbursement of costs in enforcement proceedings), and the respective BaFin Annual Report, chapter “Supervision of Securities Trading and Investment Business.”
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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