19 November 2009

CESR published its half-yearly Report for 2009 – work streams focused on responding to the financial crisis

The report provides an update on CESR’s activities to the Commission, Parliament and the European Securities Committee. It is focused on the implementation of the European Regulation for CRA’s and for the new EU regulatory architecture.

In the first half of 2009, a lot of CESR’s work streams linked to responding to the financial crisis. As much of the work identifying where the crisis originated and what lessons should be learnt were initiated, or already completed during 2008, much of CESR’s work during the first six months of 2009 focused on the crisis follow-up, including in-depth analysis of the Lehman default, the Madoff fraud , short selling issues, and the impact the crisis had on the use of reclassification of financial instruments by EU companies when preparing their financial statements . CESR also started preparing to implement both the future European Regulation for Credit Rating Agencies and for the new EU regulatory architecture that has been put forward by the de Larosière group.

 

The Committee, nevertheless, continued to act as an operational network of European securities regulators on a great variety of issues regarding securities legislation and its implementation throughout the European Union (EU), by playing its advisory role to the Commission both on Level 2 and 3 measures under the Lamfalussy process and by assessing the convergence of implementation amongst Members through the Review Panel and addressing differences, where possible, through the work of relevant expert groups. As such, in CESR’s capacity as an advisory group, 2009 saw the provision of CESR Level 2 advice on implementing measures for the future UCITS IV directive and an analysis of the impact the Markets in Financial Markets Directive (MiFID) had on equity secondary market’s functioning after its first year of practice.

Full report

 

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