European Union - Reform of the audit market: Proposal for a regulation on the quality of audits of public-interest entities and proposal for a directive to enhance the single market for statutory audits (November 2011) resource Agency Guidances OCEG Reviewed
Brussels, 30 November 2011 - The 2008 financial crisis highlighted considerable shortcomings in the European audit system. Audits of some large financial institutions just before, during and since the crisis resulted in 'clean' audit reports despite the serious intrinsic weaknesses in the financial health of the institutions concerned.
After the deadline: a status review of the implementation of the new European cookies rules (2011) resource Articles OCEG Reviewed
As of late August, only the UK, Denmark, Estonia, Finland, Ireland, Malta and Sweden have introduced laws fully implementing the amendments contained in the revised Directive.
EU, Corporate governance reform - consultation (2011) resource National Laws OCEG Reviewed
As part of a wider reform of EU corporate law, the Commission is now examining how to strengthen the rules and make them less dependent on self-regulation. Managers and boards of directors would be held more accountable for their decisions.
Green paper on the EU corporate governance framework (2011) resource Guides OCEG Reviewed
The Commission has adopted a Green Paper on corporate governance in Europe which launches a public consultation on possible ways forward to improve existing corporate governance mechanisms. The Green Paper contains three chapters: boards, shareholders and the comply-or-explain principle. The objective of the Green Paper is to have a broad debate on the issues raised.
EU, Working Document: Transfers of personal data to third countries: Applying Article 26 (2) of the EU Data Protection Directive to Binding Corporate Rules for International Data Transfers (2003) resource National Laws OCEG Reviewed
As adopted on June 2, 2003.
EU 1995 Data Protection Directive resource National Laws OCEG Reviewed
As posted on the European Commission's Data Protection legislative documents website.
Formal Title: Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data
Commission of the European Communities, Commission Staff Working Document on the implementation of the Commission decisions on standard contractual clauses for the transfer of personal data to third countries (2001/497/EC and 2002/16/EC) (2006) resource Agency Guidances OCEG Reviewed
Introduction: To ensure protection of personal data once transferred to a third country and yet facilitate data transfers, the Commission adopted in 2001 two decisions setting up standard contractual clauses for the transfer of personal data to third countries, thus allowing those who wish to transfer personal data to either use/draft their own contracts, i.e., ad hoc contracts, or use the Comm
European Commission: Solvency II resource Agency Web Sites OCEG Reviewed
'Solvency II' will introduce economic risk-based solvency requirements across all EU Member States for the first time. These new solvency requirements will be more risk-sensitive and more sophisticated than in the past, thus enabling a better coverage of the real risks run by any particular insurer.
European Council: Civil Law Convention on Corruption resource International Materials OCEG Reviewed
Introduction of the Explanatory Report: The Council of Europe became strongly interested in the international fight against corruption because of the obvious threat corruption poses to the basic principles this Organisation stands for: the rule of law, the stability of democratic institutions, human rights and social and ec