Charlie McCreevy, the European Union’s internal market and services commissioner, in a New York appearance warned against creating a regulatory superstate, as regulatory authorities around the world come to grips with cross-border markets and trading.
Speaking on Wednesday night, McCreevy set out six principles for transatlantic cooperation on regulatory issues: Do no harm, act in a coordinated multilateral manner, eliminate regulatory duplication, recognize the equivalence of regulatory oversight, lead by example, and be consistent in implementation, information-sharing and enforcement.
“Regulation does not need to be the same color in every state,” comments McCreevy at the Heyman Center on Corporate Governance at the Benjamin Cardozo School of Law.
“The solution to the world’s ills is not a global Sarbanes-Oxley,” he adds, referring to the U.S. corporate governance law that has caused consternation in American and European boardrooms alike.