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Members discussed in particular potential impacts for investors arising from credit risk transfers. CESR will send a questionnaire to all Members and evaluate its responses. Members considered that the market for credit risk transfer is still limited but growing fast.
As regards to potential crisis Members suggested that access to information should be open to other countries. Some concerns were also expressed about the potential exposure to counterparty risk of some banks and the potential impact in terms of systemic risks this activity might have.
As regards to the equivalence of third countries GAAP vis-à-vis IFRS, the presented preferred solution is through a non-compliant approach. During the discussion some Members considered that the assessment of equivalence should take account of cost benefits considerations. The final deadline for CESR to deliver its technical advice would be June 2005.