CESR annual report for 2008
27 July 2009
CESR focused on ensuring effective and convergent implementation of securities legislation. However, the key issue is how the crisis has accelerated the need to review more radically the role of CESR and the other 3L3 Committees.
The annual report is a critical tool in ensuring CESR’s accountability. Furthermore, CESR took this opportunity to consider further how it could provide greater strategic clarity on the work it was undertaking and decided, both on this basis and in response to requests by market participants, to define further the purpose of individual work streams in relation to what could be considered as core high-level objectives which underpin the main elements that define CESR’s work. To achieve this, CESR began by defining five objectives to which CESR’s work can be said to contribute, namely, achieving:
· Market integrity, transparency and efficiency. CESR fosters the integrity, transparency and efficiency of EU financial markets by improving the co-ordination amongst EU regulators through guidance, Question and Answers (Q&As) and, where appropriate, through publishing market data and regulatory decisions taken by CESR Members to provide clarity to market participants.
· Convergence; CESR ensures a more consistent implementation of securities legislation across the Member States. Efforts to achieve this also include improving co-ordination among securities regulators by developing effective operational network mechanisms to enhance day-to-day supervision and effective enforcement, enabling the EU Single Market for Financial Services to be fully established.
· Investor protection; CESR serves investor protection throughout Europe by disclosing cross-border information on national authorisation, complaint and compensation schemes, as well as contact information on national competent authorities. Circulating information on non-authorised investment providers through the CESR-Pol network for inclusion on national websites by way of alerting retail investors can also be considered as part of cross-border disclosure benefiting the investor.
· Transparency of implementation; CESR’s work to harmonise views amongst CESR Members and market participants bring clarity on implementation, both of which is done through publishing Level 3 guidance and Q&As.
· Technical advice and reporting to EU institutions, as requested by the ECOFIN conclusions of May 2008. CESR has committed to reporting to the European institutions on how it is undertaking its work and, in particular, on how it is implementing the various roadmaps established at a European level.
© CESR - Committee of European Securities Regulators
