CESR’s work programme for 2010
06 November 2009
The first item of CESR top priorities is the transformation into the European Security and Markets Authority. CESR will also be focused on the ECOFIN roadmap and the work stream related to OTC markets.
The first item of CESR TOP priorities is the transformation into (the European Security and Markets Authority). CESR will also be focused on the ECOFIN roadmap and the work stream related to OTC markets.
Concerning OTC markets, CESR’S work will focus on five main areas:
• Responding to Commission mandates in relation to the MiFID review of 2010 concerning OTC markets - CESR is expecting to contribute to the Commission’s 2010 MiFID review. The review is also likely to cover specific issues related to OTC markets.
• Market abuse through OTC derivatives – As part of the operational work of CESR-Pol, CESR Members will share their supervisory experiences on market abuse involving OTC derivatives in order to contribute to Members’ ability to detect and investigate market abuse through these instruments.
• Central storage of data (“warehouse”) - After publication of the CESR consultation paper on trade repositories in the European Union, CESR will continue to develop its policy in this area on the basis of the feedback received and the work conducted in other important international fora (e.g. CPSS-IOSCO, OTC Derivatives Regulators’ Forum).
• Suspicious Transaction Reports - CESR continues to work on raising market participants’ awareness on the importance of their obligation under MAD to send suspicious transaction reports (STRs) to the regulators, with particular focus on OTC derivatives. CESR will also aim to develop a harmonised format for STRs in OTC derivatives.
• Working Group on Derivatives - After the expiration of the 31 July 2009 deadline for the migration of CDS clearing onto CCPs, the Working Group on Derivatives (with representation of CESR) will continue to take into account progress made by market participants in the CDS clearing when formulating its policy orientations for OTC derivatives in general.
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