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CESR issued its preliminary technical advice on the access and inter-operatibility arrangements. The Commission asked CESR to conclude the mapping exercise on the regulatory and supervisory arrangements and to ensure a consistent and detailed level of information for each CESR member.
The long-term objective of a single market for post trading services has been considered as a generally accepted view. Many CESR members expressed the opinion that the aim of the single European post trading market might be better served within a harmonised EUframework, whilst others are of the opinion that the CESR/ESCB Recommendations provide a common framework from the CESR perspective.
CESR advises the following ways forward in the short term:
• With a view to the adoption of the CESR/ESCB Recommendations in early 2009, a strong political endorsement by the EU-Institutions would assist securities regulators in the implementation of these recommendations with a view to a better alignment of regulatory practices across borders. Future assessment of compliance with these Recommendations, in particular with the various Recommendations related to access and links, could be conducted as a first step.
• In cases where links are or will be established, securities regulators are committed to facilitate these developments by agreeing on arrangements for the exchange of information and, if necessary, other co-operation arrangements among the national authorities involved while respecting their respective domestic legal frameworks.
Responses to CESRs call for evidence
The responses fell into two broad groups. Some listed a number of specific bottlenecks experienced in a limited number of Member States, while others underlined the aims to establish access & inter-operability among providers. The responses underlined that much remains to be done in removing existing obstacles with the aim to creating a single market for post-trading services.
In a second step, CESR-members were invited to explain separately the arrangements in their jurisdiction for central counterparties (CCPs) and central securities depositories (CSDs) that wanted to access or inter-operate with another provider of post trading services in another jurisdiction.
The attached annex gives a detailed overview of the current regulatory arrangements in the various jurisdictions.