Carousel fraud is a type of criminal scheme commonly involving cross-border transactions within the European Union (EU), where fraudsters exploit the VAT system to steal large amounts of money.
CBI is an organization that lobbies for British business interests, primarily focusing on influencing UK government policies, the European Union, and other international bodies to foster a favorable business environment.
EFRAG is an acronym for the European Financial Reporting Advisory Group, an organization dedicated to the development and objectives of financial reporting standards in the European Union.
EU-adopted IFRS (International Financial Reporting Standards) are the IFRS standards as issued by the International Accounting Standards Board and adopted for use within the European Union. These standards may differ in details from the global IFRS.
The euro (€) is the currency unit of the European Union's eurozone, divided into 100 cents, and used by numerous EU member countries for trade and financial transactions.
A financial market that facilitates the international trade of currencies outside of domestic regulatory jurisdictions, alongside being seen as the converged market of the European Union for goods.
The European Central Bank (ECB) is the central bank responsible for monetary policy within the Eurozone, ensuring price stability and regulating member banks. It plays a critical role in European and global financial markets.
The European Central Bank (ECB) is the central bank of the European Union, established in 1998. It is responsible for eurozone monetary policy, particularly the setting of interest rates, and operates independently of national governments.
A former currency medium and unit of account created in 1979 to serve as the reserve asset and accounting unit of the European Monetary System (EMS).
The European Economic and Monetary Union (EMU) is the policy framework that resulted in the creation of the European Central Bank (1998) and a single European currency for participating states.
The European Economic Community (EEC), also known as the Common Market, was established in 1957 by the Treaty of Rome to foster economic cooperation among its member states. Its primary goals were to create a common market and customs union, reduce trade barriers, and enhance economic integration.
The European Monetary System (EMS) was an arrangement designed to stabilize exchange rates and synchronize economic policy-making among European Community member states. It aimed to lay the groundwork for future economic and monetary union within Europe.
The European Monetary System (EMS) was a framework established to stabilize exchange rates, curb inflation, and prepare for Economic Monetary Union within the European Union.
The European Union (EU) is a political and economic union of 27 member countries that are located primarily in Europe. It aims to foster economic integration, adopt a common currency (Euro for some of the members), and enhance political and social cooperation.
The Eurozone comprises the 19 member countries of the European Union that have adopted the euro as their currency, collectively managed under the monetary policy dictated by the European Central Bank.
The Financial Services Action Plan (FSAP) is a comprehensive strategy designed by the European Union to enhance the integration, efficiency, and competitiveness of financial markets within the EU.
Harmonization involves aligning accounting standards and practices to achieve consistent and comparable financial reporting globally.
The Investment Services Directive (ISD) of 1993 provided a regulatory framework for securities dealing within the European Union. It established that securities firms admitted by their domestic regulator could operate throughout Europe. From 2007, the ISD was superseded by the Markets in Financial Instruments Directive (MiFID), which further consolidated the single market for financial services.
The Investment Services Directive (ISD) was a directive of the European Union aimed at creating a single market in investment services and fostering financial integration across member states.
MiFID (Markets in Financial Instruments Directive) is a regulatory framework that standardizes the financial markets across the European Union, enhancing transparency and protecting investors.
In the European Union, a Multilateral Trading Facility (MTF) is a financial trading platform that operates as an alternative to regulated exchanges. It allows for electronic trading and often matches buyers and sellers anonymously, akin to the U.S. Alternative Trading System (ATS).
A registered auditor is a firm or individual eligible to carry out statutory audits in any member state of the European Union, in accordance with the Eighth Company Law Directive.
The concept of a single integrated market that underlies trading in the European Union, introduced by the Single European Act of 1986. It targets seamless EU-wide trade by eliminating barriers and harmonizing standards.
UCITS are a popular investment structure within the European Union that allows for a single authorization from one EU member state to market the investment product throughout the EU. UCITS are mainly mutual funds and investment trusts that adhere to strict regulatory standards to protect investors.
