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The CESR mediation mechanism will cover cross-border disputes related to co-operation and exchange of information between securities regulators, enforcement of financial information, as well as operational disputes, especially those related to mutual recognition of decisions. This would cover all applicable EU legislation in the securities field, as well as CESR Level 3 measures.
The exception would be issues where legal proceedings have already been initiated at EU or national level; where the issue in dispute is being dealt with by CESR at Level 2 or Level 3; or, where national legislation does not provide any leeway for the CESR Member concerned to accommodate the demands from the CESR Member requesting mediation.
The final paper will be published between end December and January 2006.