CESR-CFTC Common Work Program to Facilitate Transatlantic Derivatives Business

28 June 2005

The Committee of European Securities Regulators (CESR) and the United States Commodity Futures Trading Commission (CFTC) published their joint commitment to a work program to facilitate the conduct and supervision of transatlantic derivatives business. A Task Force will refine and develop how best to execute the work program in accordance with a three-year timetable.

The work program includes:

Enhanced Transparency and Clarity of Regulatory Requirements – (preliminary work within nine months):
review the accessibility and clarity of regulatory and related legal information for registration, licensing or authorization, the permissible products that may be traded, the relevant rules and regulations and whom to contact for additional information and guidance.

Simplified Access or Recognition Procedures – (within two years per a schedule set by the Task Force):
review and simplify the information required for cross border business.

Targeted consultation on cross-border issues – (to commence immediately)

The Task Force will be co-chaired by CESR and the CFTC. Members of the Task Force will be drawn from the CFTC and from the securities supervisors of CESR member jurisdictions where there is a derivatives markets.

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