Delegations stressed that the time allocated to
CESR for providing technical advice should be a minimum of nine months.
A majority of delegations were broadly in favour of the possible use of Regulations, but delegations agreed that any decision on such use depends on a case-by-case analysis . Some delegations stressed their preference for Directives as a starting point.
UCITS
Delegations indicated that they were not in a position to take a final position on how
and when the ESC should also take over the tasks of the UCITS Contact Committee.
A change in the ESC’s tasks could not be expected before January 2004 at the earliest. This would require timely adoption by the Council and European Parliament of a Commission proposal for amending the UCITS Directive. The Committee will discuss this issue again in a future meeting.
Market Abuse
Delegations discussed, in particular, how to phrase the mandate on “accepted
market practices”. CESR deadline for completing this mandate should be 30 August 2003. The integrated consultation exercise should be explained in the mandate so that financial markets are aware of the whole chain of consultation mechanisms in place.
Prospectuses
Delegations discussed a new draft sent out on 27 January. The CESR deadline for the various issues will be March, June, September and December 2003. The Chairman outlined the same procedural conclusions as for the mandate on the Market Abuse Directive.
The next meeting will take place on 17 March.
Meeting report
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