Good coordination by CESR at Level 3 is also likely to help convergence and, indeed, financial integration. And it could ease considerably the Commission’s enforcement workload at Level 4.

The Commissioner also pointed out that the future shape of regulation and supervision of financial markets at European level are one important aspect of the Post-FSAP debate over the medium to long term.

Mrs Pervenche Berès, Chairwoman of the European Parliament Economic and Monetary Committee pointed out that the convergence of national supervisory practices, the proper enforcement and the reinforcement of cooperation between supervisory authorities in all aspects, will be the key issues to the success of the FSAP. In addition, it seems clear that all supervisory authorities must enjoy the same or equivalent powers in all aspects including supervision but also investigation, sanction, and exchange of information.

Mrs Beres posed the question, if and how one should move towards a capacity for CESR to take European decisions. Although during the discussions in the Convention some have proposed a European regulator, a more pragmatic approach is needed where CESR has the key role to play.

With regard to the discussions for example on Consumer Credit, the Chairwoman saik that one may want to have a European regime in addition to national one’s when it comes to cross borders products.

Mrs Beres was concerned about the delegation of power to external bodies and the democratic accountability. She reminded that the European Parliament has no right of call back regarding the level 2 implementing measures while the Commission granted this to the Council. Furthermore, the ECON after the ECB's and CESR's endorsement standards related to clearing and settlement has caused concern in Parliament. Many members fear that the work of the legislators would therefore be over determined.

Mr Pebereau, President of the European Banking Federation (FBE), took note of an urgent problem with respect to the MiFID timetable. He stated that industry will need at least one and a half years to adapt its systems and procedures to the new regime once the final shape of these rules is known. Therefore, the implementation timetable has to be revised accordingly.

With regard to the role of supervisors and the choice of the right supervisory tools, Mr Pebereau centred on the situations whenever CESR is working outside a formal mandate. An open debate on the legal basis on which CESR is acting and a robust consultation with the industry are essential, he said. The case of CESR’s work with the ECB on the Standards for securities clearing and settlement raised some concerns on these points, Mr Pebereau stated.

Speech McCreevy
Speech Beres
Speech Trichet
Speech Pebereau
Speech Paelinck
Speech Francois Delooz Head of Asset Management at BNP Paribas - Fully integrated market of funds?

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