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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.
18/12/2001 01-048 Press release- Results of the Second Meeting of CESR Press Release PDF
96.8 KB
17/12/2001 01-007c Public Statement of Consultation Practices Press Release PDF
52.27 KB
25/10/2001 01-021b Press release- Joint work between the CESR and the ECB on securities clearing and settlement systems Press Release PDF
32.03 KB
The Governing Council of the Committee of European Securities Regulators (CESR) and the European Central Bank (ECB) agreed to conduct joint work issues of common interest in the field of securities clearing and settlement systems. This process will lead to the establishment of standards and/or recommendations for securities settlement systems and for central counterparties at the European level. Prof. Eddy Wymeersch, Chairman of the Belgian Commission Bancaire et Financi
18/10/2001 01-019 Press release- The harmonisation of conduct of business rules Press Release PDF
27.85 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 fdemarigny@europefesco.org. "
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 fdemarigny@europefesco.org.
04/10/2001 01-967bfusion Press release- CESR presents its consultation policy Press Release PDF
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CESR has issued its draft statement of Consultation Practices (Ref. CESR/01-007b). The statement contains a number of specific commitments relating to who, when and how it will consult. It will contribute to raise transparency in the regulation of European securities markets. The draft Statement is attached to the press release. Please send your responses to the secretariat by November 16, 2001 at fdemarigny@europefesco.org.
19/09/2001 01-003 Press release- The first meeting and the Charter of the Committee of European Securities Regulators (CESR) Press Release PDF
26.26 KB
The Committee of European Securities Regulators (CESR) met the first time in Paris on Tuesday 11 September 2001. The members have adopted the Charter (Ref. CESR/01-002) and elected Mr Arthur Van Leeuwen, the Chairman of the Securities Board of the Netherlands (STE), as Chairman.
12/09/2001 01-001 Press release- Continuity and orderly functioning of Markets in Europe Press Release PDF
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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.
19/06/2001 01-095 Press release- Agreement on the Charter of the Committee of European Securities Regulators Press Release PDF
33.92 KB
Following the conclusions of the Lamffalussy report, the Resolutions of the European Parliament, and the recent Decision of the European Commission, the members of FESCO have agreed on a draft charter defining the operational arrangements of the Committee Securities Regulators. The Charter is attached to the Press Release.
11/06/2001 01-103 Press release- FESCO consults on the regulation of Primary market practices- Stabilisation and Allotment Press Release PDF
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Fesco consults on a revised version of the earlier consultation paper published in September 2000. The purpose of the paper is to offer substancial harmonisation of key elements of the offering process.
11/06/2001 01-097 Press release- FESCO consults on the regulation of Alternative Trading Systems (ATS) Press Release PDF
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Fesco consults on a proposal for common European standards for Alternative Trading Systems (ATS) with the view to providing appropriate regulation under the Instrument Service Directive (ISD) of instrument firms operating ATSs.
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
23/03/2001 ResolutionStockholm Stockholm Resolution Reference PDF
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Resolution of the European Council on more effective securities market regulation in the European Union Stockholm, 23 March 2001
15/02/2001 Lamfalussy Report Lamfalussy Report Reference PDF
398.94 KB
The final report by the Committee of Wise Men establishing CESR
07/02/2001 01-007 Press release- FESCO consultative paper on the "Harmonisation of Core Conduct of Business Rules for Investors Protection" , Press Release PDF
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FESCO agrees to start a consultation on a new paper on "the Harmonisation of Core Conduct of Business Rules for Investors Protection" (ref. FESCO/00-124b). This paper complements the paper adopted in March 2000 on the categorisation of investors for the purpose of conduct of business rules. The elaboration of these documents is a significant contribution to the EU Action Plan for Financial Services. The document is open to public consultation for a period of 3 months.

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.
17/01/2001 01-002 Press release- A European Passport for Issuers, A Report for the EU Commission Press Release PDF
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In the frame of the Financial Services Action Plan, FESCO has issued a report for the EU Commission containing proposals to improve cross border offering. The proposals in this paper would deliver the objective of home State control of the prospectus for cross-border offerings while, at the same time, maintaining appropriate protection for investors.