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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
10/05/2000 99-098e FESCO Proposes the creation of a European passport for issuers Final Report PDF
290.32 KB

In order to facilitate European Companies to make EU-wide based offers or listing in Europe, FESCO proposes to create a passport for European issuers. The paper proposes a cross-border use of the Shelf Registration system in the EU and explores other possibilities to facilitate the mutual recognition of prospectuses

29/06/2000 00-096l A European Regime Against Market Abuse Final Report PDF
70.68 KB
01/09/2000 00-099b Stabilisation and Allotment: «A European Supervisory approach» Speech PDF
68.35 KB
With this paper, FESCO proposes : (1) a harmonised regulatory treatment of stabilisation practices by way of defining a
25/09/2000 00-064c The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission Final Report PDF
84.28 KB
Alternative Trading Systems (ATS) offer electronic securities trading facilities outside the traditional trading channels. An expert group chaired by Howard Davies, Chairman of the UK FSA, has studied the impact of such systems in depth. The group has prepared a comprehensive report identifying and assessing the benefits and risks associated with the emergence of ATS and analysing the current regulatory treatment of such systems, within Europe and elsewhere. The report proposes both a short term and a long term option for a harmonised regulatory treatment of such systems in Europe.The paper was submitted to the European Commission as FESCO"s contribution to the preparation of the forthcoming Green Paper on possible amendments to the Investment Services Directive. The Green Paper will shortly be published as a basis for consultation with Member States, the financial services industry and other interested parties. However, the FESCO paper noted that, while the Green Paper on the ISD might be the catalyst for a far-reaching review of the regulatory approach to ATS, it would not provide a short-term solution. Accordingly, FESCO proposed that the short-term solution should take the form of a set of additional regulatory requirements for ATS operating as investment firms.FESCO will be working on proposals for what those additional regulatory requirements might be over the next six months, with a view to producing a consultation paper in the first half of 2001. This consultation paper will provide an opportunity for interested parties to comment in detail on the FESCO proposals. If, however, in the meantime interested parties have any specific comments on the possible additional regulatory requirements identified in paragraph 71 of the September paper, they should make these known to the Secretariat of FESCO via the following e-mail address:
25/09/2000 Compilation-offering Status of implementation of the standards for participants in an offering Final Report PDF
569.8 KB
20/12/2000 00-138b A European Passport for Issuers- Report to the European Commission Final Report PDF
355 KB
01/02/2001 00-124b Consultative Paper on "the Harmonisation of Core Conduct of Business Rules for Investor Protection" Consultation Paper PDF
951.84 KB
FESCO has adopted in March 2000 a paper on the "Implementation of article 11 of the ISD: Categorisation of investors for the purpose of conduct of business rules" (00-FESCO-A) and agreed to start a consultation on a new paper on "The harmonisation of core conduct of business rules for investor protection" (ref. FESCO/00-124b). These two documents are intended to be complementary and part of the same exercise, aimed at providing a harmonised framework for the provision of investment services throughout EEA. First, intermediaries have to categorise their clients on the basis of the criteria laid down in the FESCO document, then, depending on the outcome, either the retail or the professional regime will apply. The elaboration of these documents is a significant contribution to the EU Action Plan for Financial Services developed by the European Commission and will contribute to enhancing investor confidence and, therefore, to the implementation of efficient and transparent financial Markets in Euope. The document is open to public consultation for a period of 3 months.
01/06/2001 01-037b Second Consultation Paper "Stabilisation and Allotment- an European supervisory Approach" Consultation Paper PDF
75.56 KB
Fesco consults on a revised version of the earlier consulation paper published in September 2000. The purpose of the paper is to offer substantial harmonisation of key elements of the offering process. The paper has been prepared by an expert group chaired by Kaarlo J
11/06/2001 01-035b Consultative Paper on Proposed Standards for Alternative Trading Systems Consultation Paper PDF
104.9 KB
Fesco consults on a proposal for common European standards for Alternative Trading Sytems (ATS's) with the view to providing appropriate regulation under the Instrument Services Directive (ISD) of instruments firms operating ATS\'s. These proposals have been prepared by an expert group chaired by Howard Davies, Chairman of the UK FSA. Responses to the questions posed in the paper, as well as any general comment, are welcomed by end of August 2001.
01/08/2001 01-045fusion A "European Passeport" for issuers: An additional submission to the European Commission on the issue raised in paragraph 18 of the FESCO report of 20 December 2000 (Ref. Fesco/00-138b) Final Report PDF
223.73 KB
The last FESCO paper on a "European Passeport" for issuer, stated that in a member of areas, further work needed to be undetaken. FESCO has considered some of these issues and is now submitting for comment the following paper regarding disclosure requiremnents for products different from shares and ordinary bonds, the offer and a proposal on the content of the Pro Forma and the other financial information to be included in the propesctus. This complementary document is not intended to pre-empt any work to be undertaken by the Committee of European Securities Regulators in relation to the proposed directive on prospectuses. Rather this paper aims to complete aspects of the FESCO first paper and inform the subsequent work by the Committee. All comments received will be forwarded to the European Commission, unless respondent state otherwise.
18/10/2001 01-013b The harmonization of conduct of business rules Consultation Paper PDF
245.75 KB
CESR has issued its revised proposals for the harmonization of conduct of business rules. The second round of public consultation covers the following documents: the revised proposal for the investor protection regimes (Ref.CESR/01-014),and the revised paper on the categorisation of investors (Ref.CESR/01-015.). The process of revision of the initial proposals and an explanation of major changes has been given in a cover-note (Ref. CESR/01-013).Please send your responses to the secretariat by November 15, 2001 at
14/01/2002 02-001 Proposed Standards for Alternative Trading Systems- Paper for final consultation Consultation Paper PDF
114.08 KB
This paper sets out proposed standards for ATSs in the EEA with a view to providing appropriate regulation under the ISD of investment firms operating ATSs. CESR has decided to issue the proposed standards for a second round of consultation in response to the important issues raised by respondents to the first consultation paper issued in June 2001. A feedback statement summarizing the responses received is also published in the section "Recent publications" (Ref. CESR/02-002). CESR invites responses to this final round of consultation by March 15, 2002.
01/02/2002 02-007b Measures to promote Market Integrity (Ref. CESR/01-052h) and Compilation of responses to the national consultation Final Report PDF
373.97 KB
23/02/2002 EPResolution A5-0011/2002 Report on the implementation of financial services legislation Final Report PDF
52.6 KB
15/03/2002 02-005b Joint work of the European System of Central Banks and the Committee of European Securities Regulators in the field of Clearing and Settlement Consultation Paper PDF
46.78 KB
The joint work between CESR and the ESCB covers the possible adaptation of the IOSCO/CPSS recommendation to European environnment, an analysis of central counterparties clearing (CCPs) activities in Europe with a view to identifying a suitable regulatory approach and a review of the Giovannini report. At this stage of its work, the joint expert group is particularly interested in receiving views from all interested parties on these matters. Contributions should ideally be received before 6 May 2002.
27/03/2002 02-048 Possible implementing measures on Prospectuses- Request for advice and call for evidence Consultation Paper PDF
64.83 KB
In releasing the requests for technical advice from the European Commission, CESR is inviting all interested parties to submit views as to what CESR should consider in its advice on possible implementing measures under the draft Directive on Prospectus to be published when securities are offered to the public or admitted to trading (Prospectus).
27/03/2002 02-047 Possible implementing Measures on Market Abuse- Request for advice and call for evidence Consultation Paper PDF
65.86 KB
In releasing the requests for technical advice from the European Commission, CESR is inviting all interested parties to submit views as to what CESR should consider in its advice on possible implementing measures under the draft Directive on Insider Dealing and Market Manipulation (Market Abuse).
20/04/2002 02-060 Summary of responses to the second consultation on Stabilisation and Allotment Final Report PDF
79.95 KB
13/07/2002 02-100b Responses to questionnaire on the control, scrutinising and approval of prospectus Final Report PDF
595.41 KB
Summary of the answers to a questionnaire on the way in which prospectuses are controlled, scrutinised and approved in all member states and on the deadlines allowed for the publication of the prospectus once it has been approved by the competent authority
01/08/2002 02-159 Summary of the responses to the ESCB/CESR call for contributions on European clearing and settlement systems Final Report PDF
60.37 KB