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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
03/02/2017 ESMA80-1467488426-27 Supervision Annual Report 2016 and Work Programme 2017 , Report PDF
2.49 MB
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 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.

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 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 :
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
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.
20/12/2000 00-138b A European Passport for Issuers- Report to the European Commission Final Report PDF
355 KB
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
12/09/2001 01-001 Press release- Continuity and orderly functioning of Markets in Europe Press Release PDF
11.96 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.
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.
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.

17/12/2001 01-007c Public Statement of Consultation Practices Press Release PDF
52.27 KB
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.
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.
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. "
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
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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