-On its third meeting on 14 March the Committee of European Securities Regulators (CESR) approved the paper on core conduct of business rules which deals with the following areas:
standards and rules of general application,
information to be provided to customers,
the “know your customer” standards and
the duty of care, customers agreements, dealing requirements and individual discretionary portfolio management.
The paper “A European Regime of Investors Protection: the Harmonisation of the Conduct of Business Rules” (CESR/01-014d) will be published within the next week.
CESR also approved the paper on the following issues:
standards for stabilisation practices in the context of a public offer,
a harmonised disclosure regime for the allotment of securities, and some
basic principles of the allotment process.
This work has not been elaborated under a formal mandate of the EU Commission but represents an important “acquis” for any future work to be undertaken on the same subject. The paper “Stabilisation and Allotment, a European Supervisory Approach” (Ref. CESR/02-020b) will be published within the next week.
CESR decided to create an “Expert Group on Market Transparency and Efficiency” to explore the interactions between “Transparency”, “Price Formation”, ”Best Execution” and “Market Structure” of secondary markets. A preliminary report is expected in June.
CESR also decided to establish a high level Market Participants Consultative Panel whose members will be nominated by June 2002. The role of the Panel will be to:
provide comments on the way in which CESR is exercising its role, in particular in implementing its Public Statement on Consultation Practices;
assist the Committee in the definition of priorities; and
alert CESR about regulatory inconsistencies in the Single Market and major financial evolutions.
The next meeting of CESR will take place in June in Copenhagen.
See CESR press release
© CESR - Committee of European Securities Regulators
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