06 June 2001

Commission established ESC and CESR

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The Commission adopted two decisions to create a European Securities Committee (ESC) and a Committee of European Securities Regulators (CESR) as a part of a more effective securities markets regulation. Both committees will assist the commission on implementing the Financial Services Action Plan and speed up the legislative process.

To ensure close links between both committees, the chairperson of the CESR will participate in the meetings of the ESC as an observer. Both Committees may invite experts or observers to participate in its meetings.

The ESC will be composed of high-level representatives of the member states, chaired by the commission. It will advise the commission on issues relating to securities policy and will act as a regulatory committee once its regulatory functions have been defined by legislation.

The CESR will act as an independent advisory group and is composed of representatives of the national public authorities. It will advise the commission particularly, though not exclusively, in the preparation technical details of securities legislation.
See press release for a short summary on the functioning and the purpose of both committees.

© European Commission