FESE Position Paper on Clearing and Settlement

19 May 2006

FESE released its response to the recent calls by the Commission to tackle the remaining obstacles in the area of clearing and settlement of securities. FESE requests the Commission to back efforts to improve interoperability through the effective and consistent implementation of MiFID at level 4 and by providing incentives to tackle remaining legal and fiscal barriers. FESE also strongly encourages the Commission to help to remove the legal and fiscal obstacles which are within the public domain. The work of CESAME therefore requires renewed Commission attention.

Finally, FESE stresses that a possible directive should be Lamfalussy compliant, i.e. focusing on principles and subject to full market consultation. A detailed regulatory impact analysis of the costs and benefits of the different policy options should be published and discussed before any proposal is adopted.

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