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FBE also underlines that implementation timetables set in the future should be more appropriate and parallel working between Levels 1 and 2 should not pre-empt the political decisions by the Council and the Parliament.
Finally, CESR’s role in Level 3 should be developed and clarified further, in particular in a way that supports its activities in the categories of coordinated implementation and supervisory convergence, while more caution should be exercised vis-à-vis CESR’s proposals aimed at regulatory convergence.