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The interim report provides a half-yearly update on the CESR activities and covers the period from January to June 2008.
A lot of CESR’s work streams remained linked to the market turmoil and the implications it possibly could have on both securities market’s supervision and legislation. Through its different working groups CESR discussed the implications, lessons to be learnt and future steps to be taken with CESR Members, policy makers and market participants. In that respect, CESR also published its second report on the compliance of Credit Rating Agencies with the IOSCO Code in May 2008 in which CESR formulated its policy proposals for the rating process.
Meetings also considered other major work streams of CESR, such as the post ECOFIN roadmap, CESR’s Work Programme and the third country dialogue. These issues that will consider comprehensive additional work in the second half of 2008 and beyond.