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For CESR see ESMA.

The Committee of European Securities Regulators (CESR)[1] is an independent committee of European Securities regulators established by the European Commission on June 6 of 2001.

The role of this committee is to:

  • Improve the coordination among securities regulators
  • Act as an advisory group to assist European Commission
  • Work on implementation of cummunity legislation in EU member states

The other Level-3 committees of the European Union in the Lamfalussy process are the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).


Overview of CESR restructuring

CESR has introduced a new working structure to deliver its many priorities from the outset of 2010. This change in working structures of CESR will streamline processes and redefine the role of CESR’s technical groups and of its plenary meeting, which brings together all the national chairs and acts as the Committee’s instance for final decision taking.

As a result, from January 2010 on, CESR will conduct its work through Standing Committees (SC), dealing with issues ranging from corporate reporting and finance to market surveillance and enforcement or secondary markets, intermediaries and credit rating agencies. Each of these Standing Committees will be supported by one or more member(s) of the CESR Secretariat. Up to now, CESR’s work was conducted by expert and operational groups, however, this will now be organised under eight SCs, two panels, and numerous taskforces and networks. Following the re-organisation, new chairs to lead the SC’s work have been appointed. (See table in Annex for a brief summary of the major roles each Committee plays and the respective Chair).

The restructuring of CESR has been considered carefully to ensure that the new responsibilities that the future new authority, known as the European Securities and Markets Authority (ESMA), is anticipated to receive, could be carried out effectively, if necessary, within this structure. By re-modeling CESR’s internal organisation now, it should be possible to ensure a smooth transition to ESMA, once it is created.

Annex List of Standing Committees, Panels, Groups and Networks of CESR, including Chairs

I. Panels/Areas/Chair

Review Panel

  • Contributing to supervisory convergence through the consistent and timely implementation of Community legislation in the Member States; Reviewing the day-to-day implementation of EU legislation, and CESR standards, guidelines and recommendations; and Conducting Mappings, Self-assessments and Peer reviews. Carlos Tavares, Vice-Chair of CESR and Chair of the Portuguese CMVM

Mediation Panel

  • Mediation procedures. To be appointed on an ad-hoc basis

II. Permanent Standing Committees/Areas/Chair

Corporate Reporting (“CESR-Fin”)

  • Accounting and enforcement of IFRS; Audit; Publication of periodic information; and Storage of regulated information and OAMs.

Fernando Restoy, Vice-Chair of the Spanish CNMV

  • Corporate Finance Convergent implementation of the Prospectuses Directive, including Q&As; Future Level 2 advice and equivalence with third Countries; Corporate Governance; and Notification of major shareholdings under the Transparency Directive Hans Hoogervorst, Chair of the Dutch AFM with the assistance of René Maatman (Member of the AFM’s Board)
  • Credit Rating Agencies Convergent implementation of the Regulation on Credit Rating Agencies. Karl-Burkhard Caspari, Vice-Chair of the German BaFin
  • CESR-Pol Market surveillance; Enforcement of securities laws as well as CESR Members’ co-operation and exchange of information, particularly in market abuse investigations; Policy making with regards to the Market Abuse Directive (MAD). Anastassios Gabrielides, Chair of the Greek HCMC
  • Secondary markets; Issues related to the structure, transparency and efficiency of secondary markets for financial instruments, including trading platforms and OTC markets; and Convergent implementation of the MiFID Directive and implementing rules.

Sally Dewar, Managing Director of Wholesale and Institutional Merkets of the UK FSA with the assistance of Alexander Justham (FSA Director of Markets)

  • Post-Trading; All issues related to the provision of central counterparties, clearing and settlement services (including T2S) as well as operation of trade repositories. Jean-Pierre Jouyet, Chair of the French AMF with the assistance of Thierry Francq (AMF’s Secretary General)
  • Investor Protection and Intermediaries Issues related to the provision of investment services and activities by investment firms and credit institutions; Convergent implementation of MiFID Intermediaries with particular regard to investor protection, including the conduct of business rules, distribution of investment products (PRIPS), investment advice, suitability. Jean-Paul Servais, Chair of the Belgium CBFA
  • Investment Management I Issues related to collective investment management, covering both harmonised and non-harmonised investment funds; and Convergent implementation of the UCITS Directive, the future directive on AIFM and depositaries. CONSOB with the assistance of Nicoletta Giusto (CONSOB’s Director for International Affairs)

III. Task Forces (temporary groups)


  • Post-Ecofin Institutional issues and implementation of the de Larosière report and transformation of CESR into ESMA

Eddy Wymeersch, Chair of CESR

  • Mutual Recognition Mutual recognition with 3rd countries; and Developing a procedure to be followed for mutual recognition assessments. Claudio Salini, Head of Markets Division of the Italian CONSOB
  • Retail Investment Products Advice to the Commission on PRIPS. Anneli Tuominen, Chair of the Finnish FIN-FSA

IV. Technical/support groups


Economic and markets analysis

  • Financial markets monitoring and analysis: Pro-active identification and analysis of emerging and existing key risks, trends and developments in financial markets; Impact Assessment: Contribute to better regulation by actively supporting CESR’s commitment to Impact Assessments of existing and planned/proposed regulation and supervisory practice. Carlos Tavares, Chair of the Portuguese CMVM with the assistance of Carlos Alves (CMVM Board Member)
  • IT management and governance Project, develop and maintenance of CESR IT projects. Arja Voipio, Senior Advisor of the Finnish FIN-FSA

V. Operational networks


  • Take-over Bids

Exchange of views and experiences on cross-border take-over bids to promote convergent implementation of the Take-over Bids Directive. Eddy Wymeersch, Chair of CESR

  • Other Networks

CESR secretariat also conducts work through a number of other networks, covering issues like legal matters, training, supervisory culture, communications and retail investors.

  • CESR Secretariat

CESR 2009 Annual Report

The year under review will be regarded as a turning point in the present financial crisis, after the financial shock of 2008. Indeed, after the markets reached a nadir in March 2009, followed by a considerable upturn for the rest of the year, they still have not returned to pre-crisis levels. Volatility has remained high and investor confidence has been slow to return, while at the same time some have warned of new signs of overheating.

Notwithstanding all these imbalances, the official markets have continued to perform quite efficiently and have proved their resilience in terms of price discovery, provision of liquidity and operational reliability.

For the regulators, the year under review has essentially brought a massive effort of new or redesigned regulation. Fields previously un-discussed are now at the core of their work. The regulation of credit ratings agencies, in which CESR is likely to play an active role, was totally unknown to most regulators worldwide. The world of derivatives will soon be at the core of regulatory initiatives, with CESR playing an active role in developing new rules.

In the meantime, the existing work programme was pursued, leading to significant advisory statements addressed to the European Commission. The present annual report gives a precise overview of these activities that are the result of the continuous co-operation of the 29 national competent authorities.

The crisis has laid bare the weaknesses of the European system of financial regulation and supervision, both in the field of systemic risk and of supervision of financial institutions and transactions.

New institutions have to be built, provided with new mandates and effective powers. The Commission has published an important proposal on the basis of the ideas developed in the Committee chaired by Mr Jacques de Larosière that would on the one hand create stronger co-operation between the different lines of systemic oversight and financial supervision, and on the other hand will lead to powerful pillars supporting the future financial regulatory system.

These proposals, tabled by the Commission on 23 September 2009, adopted at the political level by the Council on December 2, are being actively discussed in the European Parliament. The speed illustrates the urgency of the matter.

CESR welcomes this evolution that will enable it to contribute more actively, rapidly and with more authority to Europe’s future financial system and its stability. As far as CESR is concerned, this reform will recreate CESR as a European authority, with effective powers and an extended remit. As in the past, CESR and its Members will actively pursue the protection of investors, the efficient and transparent functioning of the financial markets, while supporting transparency in financial transactions and decisions. CESR and then ESMA will continue to pursue these goals in the interest of the investors and citizens of Europe.

CESR is essentially the network of the national competent authorities for securities matters in Europe. It pursues its tasks and achieves its goals in a constant dialogue and through an exchange of views among the national supervisors, who delegate their senior experts to the standing committees, task forces, panels and specialised networks. Without the continuous support from its Members, and from its staff, CESR could never have succeeded in achieving the numerous work streams that are illustrated in the present annual report. We express our thanks to all of them.


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