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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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.
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.
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
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.
01/06/2001 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
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.