USA, Scotland and Place de Luxembourg

8.00 Kangaroo Group breakfast on how much are we regulated by the US. There is a feeling that we are now influencing them as much as vice versa. There is a useful presentation also on International Financial reporting Standards (on which I am half way through preparing our amendments). Some concern that the US may not accept the flexibility of interpretation that a minimum harmonising proposal allows and so although saying they accept IFRS will say ‘but not your version’. This needs further exploration ut it could just be a waystage position.

10.45 Meeting with Commission on patents

11.30 Votes.

12.30 Lunch with Scottish Enterprise and various Scottish financial institutions. People forget how important finance is to Scotland, 10% of their jobs depend upon it!

15.00 Meet various people for discussions on way back to Parliament from lunch venue – seems difficult to try and get across Place de Luxembourg unseen! Then more on amendments...