In a report on FESE’s post-FSAP priorities, Europe’s Exchanges underline that after the completion of the core legislative programme of the Financial Services Action Plan, attention must now turn to proper implementation of all new EU laws throughout Member States. The report critically mentions delays and discrepancies that emerge already now as further steps are being taken for the implementation of the Market Abuse Directive in Europe.
Given the increasing cross-border activities of European Exchange operators as well as clearing and settlement institutions, FESE urges European regulators to increase and reinforce their cooperation. The traditional home-country control principle falls short of recognising a growing number of situations where market infrastructure providers organise themselves on a cross-border basis, the report says.
As other main priorities and conditions for success in the coming years the report identifies the development of systematic cooperation with American and international authorities to avoid conflicting regulation and to achieve regulatory equivalence.
Furthermore, FESE calls for a proper functioning of the Lamfalussy process at levels 2, 3 and 4, that are key to the success of the implementation process. Experience warns us of the danger of over-prescriptive legislation and inconsistent transposition in the Member States, the report says. FESE is also calling for the creation of an ombudsman procedure.
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