Speech: On-shore Europe - The regulation of Financial Markets

13 September 2004

In his speech on “On-shore Europe - The regulation of Financial Markets” CESR’s chairman Arthur Docters van Leeuwen lined out that after the FSAP any further regulatory intervention should be based on an analysis of the results achieved so far. The Committee of European Securities Regulators (CESR) considers working areas which are not completely new, but which are of complementary nature to those in the current FSAP.

Mr van Leeuwen mentioned at least three areas of future work.

On clearing and settlement CESR and ESCB already prepared standards on securities clearing and settlement systems which are now being finalised. They will represent a valid contribution to the establishment of a sound pan-European regulatory and supervisory system and could in a later stage serve as a basis for level 2 measures.

On corporate governance some measures have already been included in the Commission Action Plan on Company Law and Corporate Governance. A common basis for a European company law should be composed of principles of general application, valid for many different systems of corporate structure across Europe, and should in CESRs view focus on shareholders’ rights.

The UCITS Directive should be adjusted to the Lamfalussy process. The revision of the UCITS Directive should also ensure full consistency with the rules applicable to the provision of investment services.

Full speech

© CESR - Committee of European Securities Regulators