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This text is a compilation of three speeches, given by Arthur Docters van Leeuwen, Chairman of the Committee of European Securities Regulators, on 2 October 2002 in Brussels in a meeting with a working group, consisting of MEP’s and market representatives, on modernising EU legislation, on 15 October 2002 in Copenhagen in a conference, organized by the Danish Ministry of Economic and Business Affairs and the Danish Financial Supervisory Authority, on the forthcoming proposal for the new ISD and on 15 November 2002 at the Wilton Park conference, Wiston House, England, on financial markets and sustainable development.