The results provide a full assessment of CESR Members’ application of Standard No 2 by the Review Panel and reflect some changes in the conclusions drawn by CESR Members in relation to their self-assessments.
Standard No 2 is a principle-based standard establishing a framework that has been complemented by CESR implementation measures necessary for the realisation of the identified principles. The cut-off date for the peer review exercise of Standard No 2 was 5th of August 2008.
Summary of the results:
- Austria and Iceland did not submit a response to the questionnaire.
- Full application of Standard No 2 has occurred in the following 9 CESR Member jurisdictions: Belgium, Denmark, Finland, France, Germany, Italy, Norway, Portugal and Spain. An overall rating of "full application of Standard No 2 by a Member requires that all the four principles are fully applied.
- Partial application has occurred in two CESR jurisdictions: Cyprus, and Romania. An overall rating of partial implementation of the standard by a member requires that as a minimum, all the principles that can be, are partially applied.
- Non implementation of the Standard No 2: Bulgaria, Czech Republic2, Estonia, Greece, Hungary, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Slovakia, Slovenia, Sweden and the UK.
- One key result is that, as of 5 August 2008, slightly less than 1/3 of CESR Member jurisdictions were fully applying Standard No 2 – Coordination of Enforcement Activities, and significantly more than ½ of the Members did not apply the corresponding principles overall.
© CESR - Committee of European Securities Regulators
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