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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
15/03/2000 00-040 Press release- FESCO agrees on an European definition of "Professional investors" , Press Release PDF
17.44 KB

A common categorisation of investors for the application of Rules on Investor Protection is a major contribution to a common regulation of the European Single Market for financial services.

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

10/05/2000 00-055b Press release- FESCO proposes to create a passport for European issuers , Press Release PDF
13.94 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. The paper is open for public consultation for a period of 3 months.

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 Compilation-offering Status of implementation of the standards for participants in an offering Final Report PDF
569.8 KB
25/09/2000 00-094b Press release- FESCO proposes new common regulatory responses for the European Simple Market for Financial Services Press Release PDF
21.63 KB
The members of FESCO have decided to publish two key papers contributing to the EU Action Plan for Financial Services :
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
15/11/2000 Fesco/99-127 1999-2000 Report on the activities of FESCO Annual Report PDF
378.9 KB
20/12/2000 00-138b A European Passport for Issuers- Report to the European Commission Final Report PDF
355 KB
17/01/2001 01-002 Press release- A European Passport for Issuers, A Report for the EU Commission Press Release PDF
35.63 KB
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.
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.
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
38.02 KB

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.

15/02/2001 Lamfalussy Report Lamfalussy Report Reference PDF
398.94 KB
The final report by the Committee of Wise Men establishing CESR
23/03/2001 ResolutionStockholm Stockholm Resolution Reference PDF
18.53 KB
Resolution of the European Council on more effective securities market regulation in the European Union Stockholm, 23 March 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
11/06/2001 01-103 Press release- FESCO consults on the regulation of Primary market practices- Stabilisation and Allotment Press Release PDF
16.25 KB
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
17.18 KB
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.

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