CESR welcomes political backing on supervisory convergence

05 May 2006

CESR welcomes the EU Finance Ministers political backing for greater supervisory convergence amongst securities regulators in the EU adopted by Europe’s Finance Ministers. In particular, CESR acknowledges the commitment by Ministers to monitor the convergence of supervisory powers of EU securities supervisors and welcomes the recognition that equivalence of powers amongst national supervisors is the necessary precondition to any form of cooperation between authorities.

In line with the key recommendations of the FSC report on Financial Supervision and the Commission White Paper, CESR will establish a mediation mechanism in the second half of 2006, will develop in 2006 and 2007, IT data sharing arrangements for the implementation of the MiFID, and will conduct, a pilot study on the delegation of powers under the Prospectus Directive in 2007.

Press release

© CESR - Committee of European Securities Regulators