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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/10/2001 01-967bfusion Press release- CESR presents its consultation policy Press Release PDF
53.08 KB
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
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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
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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
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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 01-035b Consultative Paper on Proposed Standards for Alternative Trading Systems Consultation Paper PDF
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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.
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.
01/06/2001 01-037b Second Consultation Paper "Stabilisation and Allotment- an European supervisory Approach" Consultation Paper PDF
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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
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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
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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.
20/12/2000 00-138b A European Passport for Issuers- Report to the European Commission Final Report PDF
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15/11/2000 Fesco/99-127 1999-2000 Report on the activities of FESCO Annual Report PDF
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25/09/2000 00-064c The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission Final Report PDF
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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
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25/09/2000 00-094b Press release- FESCO proposes new common regulatory responses for the European Simple Market for Financial Services Press Release PDF
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The members of FESCO have decided to publish two key papers contributing to the EU Action Plan for Financial Services :
01/09/2000 00-099b Stabilisation and Allotment: «A European Supervisory approach» Speech PDF
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With this paper, FESCO proposes : (1) a harmonised regulatory treatment of stabilisation practices by way of defining a