Third Meeting of the CESR Market Participants Consultative Panel

04 July 2003

Public statement on the Third meeting of the CESR Market Participants Consultative Panel held on 12th June 2003 in Paris, dealing among others with issues of Internalisation and pre-trade transparency, Quarterly reporting, and UCITS.

Following a presentation of Mr Breuer, the Panel discussed the issues of pre-trade transparency and internalisation, one of the most debated issues under the revision of the Investment Services Directive. This discussion serves the work that CESR is likely to start on the second half of 2003 in responding to mandates from the EU Commission on implementing measures of the ISD.

Following a presentation from Salvatore Bragantini, the Panel discussed one of the most debated issues under the revision of the requirements applicable to issuers of financial instruments traded on a regulated market. This is an area in which CESR might respond in the next future to mandates from the EU Commission.

Following presentations from Donald Brydon and Mariano Rabada, members of the Panel had an open debate on the possible work by CESR in the areas of UCITS. The Panel welcomed the decision to bring UCITS sector under CESR and supported its status of observer in the UCITS Contact Committee.

Meeting document

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