08 June 2009

CESR call for evidence on mutual recognition with non-EU jurisdictions

CESR intends to develop a technical analysis on possible criteria and procedures that could be taken into account for mutual recognition. Areas may include trading venues, intermediaries, and collective investment schemes.

CESR Task Force on mutual recognition continues investigating the opportunities of mutual recognition with third countries.

 

CESR intends to develop a technical analysis on possible criteria and procedures that could be taken into account for mutual recognition, which will be made part of a Consultation paper.

 

CESR intends to identify the different “regulatory areas” on which to concentrate a regulatory and economic fact-finding exercise followed by a micro-economic analysis of potential benefits from market integration.

 

CESR will therefore analyse similarities and differences in regulation and surveillance, as well as its benefits and drawbacks arising from the various approaches in the different “regulatory areas” identified.

 

As examples for “regulatory areas“ CESR mentions:

 

Trading Venues – which would imply the liberalisation of access to foreign securities exchanges/regulated markets. Topics to be included in this area refer, but are not limited, to securities exchanges, MTFs or other alternative trading platforms, market abuse and stabilisation.

 

Intermediaries – whereby the possibilities of foreign brokers/dealers' solicitation of mainly professional investors should be examined. Topics to be included in this area refer, but are not limited, to registration of market participants and conduct of business rules.

 

Products including collective investment schemes. Topics included in this area refer, but are not limited, to securities offering, securities registration, company reporting, financial analysts, mergers and acquisitions and investments funds.

 

Deadline for comments is 4 September 2009.

 

Document

 

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