25. Stresses the importance of convergence of supervisory practices with regard to transatlantic consolidation of stock exchanges; reiterates its request, therefore, for the enhancement of the Financial Markets Regulatory Dialogue via a bi-annual policy review of transatlantic financial services before and after every annual EU-US summit; urges the US-EU Summit to agree on the mutual recognition of accounting standards, based on reliable regulatory supervision; highlights the importance of US implementation of the Basel II Accord on Capital Requirements and of recognition by the SEC of International Financial Reporting Standards; rei ...[+++]terates with regret the need for EU reinsurers in the US to fully collateralise risks, facing highly discriminatory State rules; calls therefore on the US-EU Summit to agree on further transatlantic mutual recognition and uniform solvency and reporting requirements; asks the Commission to ensure that transatlantic mergers and/or purchases of stock exchanges and other financial institutions will not, directly or indirectly, lead to US laws, regulations, or supervisory practices being unilaterally imposed within the EU;

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the Hungarian Budapest Stock Exchange (“BSE”), Budapest Commodity Exchange (“BCE”) and the Central Clearinghouse and Depositary (“KELER”) by a joint venture comprising the Austrian undertakings Wiener Börse AG, Oesterreichische Kontrollbank Aktiengesellschaft, Raiffeisen Zentralbank Österreich AG, Erste Bank der oesterreichischen Sparkassen AG and the Hungarian subsidiary of the German HVB Group, HVB Bank Hungary.

The European Commission's services have launched a second and final round of open consultations on updating existing rules on the information which has to be regularly provided by companies whose securities are traded on regulated markets such as stock exchanges.

EU legislation on listing particular and public offer prospectus Directive was intended to facilitate access to partner country markets on the basis of the same statutory information required by their domestic authorities.

In particular, the simplification of the cross-border requirements will facilitate the launching by the Federation of European Stock Exchanges of the EUROLIST project.

The IFBS has been registered as a company, with share holdings taken by the Russian State Finance Academy, the Russian Ministry of Finance, the European Bank for Reconstruction and Development (EBRD), the Centre for Professional Banking Training in Paris and a number of Russian banks, stock and commodity exchanges.