Summary of ESC meeting of 22 September

17 October 2004

The Commission published the results of the ESC meeting of 22 September. Among others, the Commission gave a first overview of the results of the consultation process on the Communication on Clearing and Settlement. There seems to be support for a framework Directive that focuses on access rights and a regulatory and supervisory framework. Moreover, a very high number of respondents ask the Commission to make a regulatory impact assessment of the envisaged Directive. DG MARKT intends to publish a summary of the responses by the end of the year.

Other topics discussed included the progress on UCITS priorities, the work of CESR, and the adoption of IAS 39.

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