FBE Responds to CESR’s Consultation on Level 3 Role

02 June 2004

The European Banking Federation (FBE) published its response to CESR’s consultation on Level 3 procedures. The FBE believes that Level 3 should not become a new layer of regulation, thereby over regulation has to be avoided. The need to achieve consistency on the ground must be balanced against the need to retain flexibility.

FBE criticizes that the work on clearing and settlement listed under Level 3 of the document has at times fallen short of CESR’s own principles. According to the FBE it is of the utmost importance that the procedures followed by CESR to conclude its joint work with ESCB add up to a full second round of consultation.

FBE response

© FBE