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This paper stands outside the formal Lamfalussy proposals, and is not a response to a mandate from the European Commission. As such, it is not linked to any European legislation currently proposed or being prepared by the European Commission.
In the light of the EU's negotiations of a Market Abuse Directive, CESR members will not work towards implementation of these agreed principles and measures until the directive has been adopted and full agreement reached on the Lamfalussy process.
CESR will undertake a review of these principles and measures on the basis either of any level 2 mandates given to CESR by the European Commission or the necessity to develop level 3 regulatory standards and guidance. The Paper sets out a clear indication of CESR's starting point on a number of issues that might be covered by any requests for advice on technical implementing measures from the Commission.
The paper also includes a compilation of all the comments received by members from the national consultation that was undertaken in the second half of 2001.
See full CESR Paper