ACCA calls for long-term financing solutions for sustainable economic growth

Date

27 Mar 2014

Sections

Euro & Finance

The European Commission adopted today a package of measures including a communication on the long-term financing of the economy, a legislative proposal for new rules for occupational pension funds and a communication on crowd funding, welcomed by ACCA (the Association of Chartered Certified Accountants).

John Davies, Head of Technical at ACCA says: “In responding to the task of enhancing growth and competitiveness, Europe faces significant long-term investment needs. ACCA supports the goal of creating a business environment which promotes a more long-term focus in planning and investment. This, however, cannot be achieved by disregarding the changing nature of public and private capital.”

“The package adopted today by the Commission targets many issues important to ACCA, especially strengthening the financial capability of SMEs. Wider access to equity funding for the SME sector should be a fundamental element of any long term strategy. Incentivising citizens to save for their retirement is also, by definition, key to the adoption of a successful long-termist financial culture and it is important that Europe strikes the right balance between giving savers confidence that their saving will be safe and worthwhile and minimising obligations for employers” explains John Davies

“We support efforts to encourage and push companies to adopt long-term strategies and have access to sources of funding which facilitate them. A communication on crowd funding is a promising regulatory reform to spur significant growth in SMEs’ access to alternative sources of finance. Today’s new rules make it a realistic prospect by ensuring that Member States standardise their treatment and do not create artificial barriers to entry. It is important to ensure that the rules for crowd funding are consistent with the aspiration of an integrated market for card, internet and mobile payments” adds John Davies.

“ACCA supports proactive initiatives to ensure an EU level playing field in tackling issues of insufficient engagement of shareholders and lack of adequate transparency. It is of great importance to take into account best practice among the member states and create a modern and efficient corporate governance framework that respects diverse business environments” concludes John Davies.  

-ends-

For more information, please contact:

Vikte Andrijauskaite
vikte.andrijauskaite@accaglobal.com
+32 (0) 2 286 11 37

 

Notes to Editors

  • 1. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
  • 2. We support our 162,000 members and 428,000 students in 173 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 89 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
  • 3. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.