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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/03/2000 00-FESCO-A Implementation of Article 11 of the ISD: Categorisation of investors for the purpose of Conduct of Business Rules CESR Document PDF
62.07 KB
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
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: fdankers@europefesco.org
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
01/08/2001 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.
14/01/2002 02-002 Proposed Standards for Alternative Trading Systems- Feedback statement CESR Document PDF
419.83 KB
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
09/04/2002 01-014d A European Regime of Investor Protection – The Harmonisation of Conduct of Business Rules CESR Document PDF
133.19 KB
This set of Standards and Rules provides harmonised core conduct of business rules for retail investors in the following areas: Standards and Rules of general application, information to be provided to customers, the "know your customer" standards and the duty of care, customers agreements, dealing requirements (including the "best execution" standards) and individual discretionary portfolio management. The profesional and counterparty regime, including the categorisation of investors paper, requires further work by CESR.
09/04/2002 02-020b Stabilisation and Allotment – European Supervisory Approach CESR Document PDF
93.51 KB
This paper provides harmonised standards for stabilisation practices in the context of a public offer and an harmonised disclosure regime for the Allotment of securities as well as some basic principles of the Allotment process. This work has not been elaborated under a formal mandate of the EU Commission in the context of the future Directives on Insider Dealing and Market Manipulation or the future Directive on Prospectuses. However, these standards represent an important "acquis" for any future work to be undertaken on the same subject. A summary of the responses to the second consultation (Ref. CESR/02-060) is published in the "Recent Publications".
20/04/2002 02-060 Summary of responses to the second consultation on Stabilisation and Allotment Final Report PDF
79.95 KB
08/07/2002 02-098b A European Regime of Investor Protection – The Professional and Counterparty Regimes CESR Document PDF
63.43 KB
This paper completes the work conducted by CESR on the harmonization of conduct of business rules under the existing Article 11 of the Investment Services Directive. It complements the document (CESR/01-014d) adopted in April 2002 on the so called "retail regime", i.e. the regime applicable to investment services provided to non-professional customers. The paper builds on the proposal for the "Categorisation of investors for the purpose of conduct of business rules". The paper contains: I) core conduct of business rules which should apply to investment services between investment firms and professionals and II) core standards for "counterparty relationships".
08/07/2002 02-086b Standards for Alternative Trading Systems CESR Document PDF
124.16 KB
CESR published today common European Standards for Alternative Trading Systems (ATSs). This paper sets outs standards for ATSs in the European Economic Area (EEA) with a view to providing appropriate regulation of investments firms operating ATSs under the current ISD. It builds on FESCO's report to the European Commission on the Regulation of Alternative Trading Systems in Europe, which was published in September 2000. Also published today was a feedback statement summarising the responses received in the final round of consultation (Ref. CESR/02-087b)
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
29/10/2002 02-198b First meeting of the CESR Market Participants Consultative Panel Final Report PDF
145.39 KB
Public statement on the first meeting of the CESR Market Participants Consultative Panel on 24 September 2002 in Paris.
08/01/2003 02-089d CESR's advice on Possible Level 2 Implementing Measures for the proposed Market Abuse Directive Final Report PDF
322.44 KB
CESR publishes today its technical advice, submitted to the European Commission on Tuesday 31st December 2002, on level 2 implementing measures in connection with certain aspects of the Directive on Insider Dealing and Market Manipulation (Market Abuse). The advice was requested by the Commission in accordance with the new Lamfalussy approach to regulating European securities markets, designed to build an integrated market in Europe. It is the first example of advice developed and submitted to the Commission under the new procedure.
08/01/2003 02-287b Feedback Statement on CESR's advice on Level 2 Implementing measures for the proposed Market Abuse Directive CESR Document PDF
245.84 KB
CESR publishes today the Feedback Statement to its technical advice, submitted to the European Commission on Tuesday 31st December 2002, on level 2 implementing measures in connection with certain aspects of the Directive on Insider Dealing and Market Manipulation (Market Abuse).

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