FESE comments on CESR’s report on supervisory tools

16 March 2005

The Federation of European Securities Exchanges (FESE) published its comments on CESR’s preliminary progress report on “Which supervisory tools for the EU securities markets?” FESE argues that the most important issue of substance is an evolutionary, step-by-step and gradual development and evolvement of CESR and its functions, roles and powers. Already in November 2004, FESE published the “Lefebvre Report” which sets out their views on post-FSAP priorities and developments, and contains a number of paragraphs on supervisory and regulatory structures.

FESE strongly supports the approaches outlined in the CESR paper that aim to prevent double or triple supervision and regulation in the even more complicated combination of EU and national regulatory structures. However, FESE is also concerned that dramatic leaps forward would affect the effectiveness of the EU- and of national legislation and regulation.

FESE considers the discussion paper to be an extremely important contribution to further dialogue on the evolving European regulatory and supervisory structures, which should also be considered on a global context. According to FESE, the importance of the CESR Paper goes well beyond the securities sector and will set a precedent for the positioning and the functioning of CEBS and CEIOPS in the banking, insurance and pension funds sectors.

Response
Lefebvre Report

© FESE