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CESR launched its work to address some of the FSF recommendations and the decisions taken by ECOFIN Council in April 2008 which includes CESR’s work on credit rating agencies, market abuse. CESR will also launch new work on the valuation of assets and market transparency and risk management, and will develop a framework to identify major sources of potential risks in financial markets.
On CRAs CESR will deliver its advice to the Commission by mid-May. The existing MoU on market abuse will be reviewed with regard to possible additional steps to be taken.
CESR will also conduct work to facilitate convergent interpretation in the application of IFRS accounting principles regarding the valuation of illiquid financial instruments. The first step will be to establish the exact scope and timetable for the work.
On market transparency CESR will focus on aspects of post trade transparency for both retail and wholesale markets. CESR will also explore whether it might be possible to establish some convergent methodologies to identify and manage risk and whether some common principles for risk management could also be developed.
Finally, CESR will develop a framework for a periodic contribution to put in place a regular report to assist in the identification of major sources of potential risks in financial markets.