28 October 2004

CESR role at Level 3 under Lamfalussy

CESR published an action plan phasing out how CESR intends to play its role on level 3 under the Lamfalussy. The paper seeks to clarify the role of CESR standards and guidance. CESR will also put in place a mediation system amongst regulators to solve conflicts between national securities regulators.

In particular, CESR notes that whilst supervisors across Europe could carry out their functions without co-ordinating with each other, this could lead to very different applications of the same legislation to specific and comparable cases.

The paper sets out the existing Level 3 functions, which fall into three categories:

co-ordinated implementation of EU law,

regulatory convergence and

supervisory convergence.

Press release
Summary of responses
Document

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