CESR introduces new working structures to increase efficiency and prepare for a smooth transition to ESMA
20 January 2010
To date, CESR’s work has been conducted by expert and operational groups. But from now it will be organised under eight standing committees (SCs), two panels, numerous taskforces and networks. New chairs have been appointed to lead the SCs’ work following the re-organisation,
CESR has introduced a new working structure to deliver its many priorities from the outset of 2010. These changes in CESR’s working structures will streamline processes and redefine the role of CESR’s technical groups and of its plenary meetings, bring together all the national chairs and act as the Committee’s instance for final decision-taking.
As a result, from January 2010, CESR will conduct its work through SCs. These will deal with issues ranging from corporate reporting and finance to market surveillance and enforcement or secondary markets, intermediaries and credit-rating agencies. Each of these SCs will be supported by one or more member(s) of the CESR Secretariat. To date, CESR’s work has been conducted by expert and operational groups. But from now this will be organised under eight SCs, two panels, and numerous taskforces and networks. New chairs have been appointed to lead the SC’s work following the re-organisation,
CESR’s restructuring of has been considered carefully to ensure that the new responsibilities that the future new authority, known as the European and Markets Authority (ESMA), is anticipated to receive, could be carried out effectively, if necessary, within this structure. By re-modelling CESR’s internal organisation now, it should be possible to ensure a smooth transition to ESMA, once it is created.
Eddy Wymeersch, Chair of CESR and the Supervisory Board of the Belgian Commission Bancaire, Financière et des Assurances (CBFA), stressed:
“During the course of the last eight and a half years, since CESR’s creation, the Committee has gone through significant changes: The emphasis on our role has shifted from providing Level 2 technical advice to the Commission, to fostering and achieving supervisory convergence through co-operation between European supervisors. With the creation of ESMA, the work will further evolve with the objective being to develop a common European supervisory rulebook.
We therefore think that the time has come to rationalise and re-organise ourselves in order to use resources more efficiently by creating renewed focus on the tasks at hand. Crucially, CESR’s new structure mirrors the functioning of the markets rather than reflecting the legislation underpinning the area. ”
As a strong signal of CESR Members’ continued commitment at very senior level, CESR will continue to have its Members chairing the SCs in most cases. The decision to rationalise the way in which CESR delivers its work was taken with the following objectives in mind, ensuring:
- The maintenance of the quality of CESR’s output.
- That how this is achieved remains convergent (for example, expanding the use of consultative panels for all areas).
- That both the resources of the Secretariat, and those of Members who send experts to the meetings, are drawn upon more efficiently; and
Both the seniority of the experts in the SCs and their ability to commit their authority will be increased. This will enable more consensus to be reached at an earlier stage and at the technical level (i.e. before a plenary), whilst leaving the CESR plenaries with members freer to focus on strategic issues and concentrate on more limited areas where agreement is proving more difficult.
CESR’s work will continue to be conducted in an open and transparent manner by holding public consultations or hearings, as is CESR’s current practice. In the past, on a case-by-case basis, the expert groups have formed consultative working groups which drew on expertise from the various stakeholders experienced in the market practices of the areas under consideration. This approach will be broadened, so that almost all SCs will have such a sounding board and the membership of existing consultative working groups will be renewed. The membership of such panels will continue to be nominated by CESR members according to the different fields of experience identified as being necessary.
The new structure takes effect from 1 January 2010.
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