CESR published the public statement of the Market Participants Consultative Panel held on 11th March 2004 in Paris. The discussions concentrated on corporate governance and the post-FSAP issues.
On Corporate Governance the Panel argued that frauds as e.g. the Parmalat case can never be avoided and prevented unregarded any future regulatory interventions.
Although sharing the objective of having a single European code of corporate governance the panel suggested a common framework of principles, mandatory at European level and enforceable by competent authorities.
The framework should be complemented by company laws and codes of corporate governance at domestic level. The content of the various codes of corporate governance adopted at European level should be coordinated within an European Corporate Governance Forum.
On the discussion about the past-FSAP process CESR presented the initial thoughts of the Committee. Concrete possible areas of possible regulatory attention include:
strengthening statutory audit function;
corporate governance;
primary market practices;
clearing and settlement;
credit rating agencies;
hedge funds.
Members of the Panel considered that before launching new regulatory initiatives, implementation of the Action Plan should be ensured.
Other issues of discussion included:
CESR’s role in level 3 process
the adequacy of the regulatory and supervisory systems at EU level
the improvement the functioning of CESR
the adequacy of regulatory and supervisory systems at EU level.
The Chairman of CESR introduced the point, by proposing a methodology for any future assessment which is attached to the document enclosed.
Full Document
© CESR - Committee of European Securities Regulators
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