On the 3rd of December, 2012, FCM held it’s 11th annual conference in Nicosia, Cyprus.
The event, entitled “The importance of Regional Regulation”, was hosted by FCM member ICPAC (the Institute of Certified Public Accountants of Cyprus) and sponsored by FCM member ACCA (the Association of Chartered Certified Accountants).
In today’s new multi-polar world, where economic spaces do not necessarily coincide with national boundaries, there is a growing importance of regions and of regional regulation. National capital increasingly operates on a regional or global rather than national scale. Regional – and global – risks must be managed, risks which have been at the forefront of the current financial crisis. The importance of a regional governance of such risks is increasingly apparent.
A rising regulatory regionalism is evident in a number of initiatives across the world and a regional or even a global response is required for issues that have so far been seen as firmly within the national jurisdiction.
But, what architecture for this regional governance? What coordination among the different levels? What mechanisms?
As new forms of multi-level governance are taking shape, emerging issues like the growing importance of policy networks, the diffusion of regulatory governance to private actors and partnerships as well as the increasing harmonization of standards and codes, must be considered to create effective mechanisms that work on both the regional and national level.
The accountancy profession has a long history of contributing to the regional and global regulatory landscape through harmonisation of standards and codes, cooperation with regulators, and through protection of the public interest at all levels of the financial reporting infrastructure.
The FCM 11th annual conference provided a setting for discussion of these themes. Also, taking advantage of its coincidence with the Cypriot EU Presidency, the FCM conference aimed to stimulate reflection on how the complex and sophisticated governance mechanisms of the European Union can help its neighbour countries to achieve regional convergence and facilitate market integration and development.
The conference programme and powerpoint presentations are available on the links below.
For further information, contact the FCM Secretariat on email@example.com