08 December 2006

CESR Interim Report 2006

CESR issued an interim report providing a half yearly update on its activities and focuses on the functioning of the “Level 2” and “Level 3” work. The report also deals with CESR’s inter-institutional relationships, with CEIOPS and CEBS, as well as with CESR’s current dialogue with third countries, primarily focusing on the US.

The report states among others on regulatory harmonisation will consider early next year whether Level 3 work should be undertaken by the Transparency Expert Group and identify the areas where this possible work might need to be developed.

On supervisory convergence CESR is planning a meeting with retail investors in early 2007. It is likely that the agenda of the next meeting will seek to gain input from retail investors on CESR’s Level 3 work on MiFID, a simplified prospectus for UCITS, and a review of the Prospectus.

CESR intends to publish a report on CRAs by the end of December and will include whether there are any provisions of the IOSCO code that they have chosen to explain rather than comply with. The report will also provide indications of the level of day-to-day application of the codes.

On Clearing and Settlement CESR has to consider if and how to resume its work on the ESCB/CESR Standards for Securities Clearing and Settlement.

CESR will publish a consultation paper on UCITS in February 2007. The key tasks for the near future are finalising Level 3 measures on eligible assets, analysing hedge funds indices, developing conduct of business rules for collective asset management and mapping exercise of the means and methods used by regulators to supervise asset management companies.

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