CONSULTATIONS

On 12 November 2008, the European Commission published a Draft Regulation on credit rating agencies (CRAs) . The amended version of this Regulation was approved on 23 April by the European Parliament . It is expected to enter into force by October 2009 and to apply by March 2010.

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In the light of very turbulent market conditions and concerns in the second half of 2008 about the threat to financial stability and the associated risks of disorderly markets and market abuse, a significant number of CESR members took emergency measures to restrict and/or impose conditions on…

CESR's proposals follow over two years of work which have included extensive consultation with stakeholders. In developing its advice, CESR has also placed great emphasis on the outcome of the consumer testing exercise carried out by the Commission. The proposed disclosure, to be known as the…

The advice published today is part of CESR's response to the Commission's provisional request for assistance of 13 February 2009. CESR's draft advice covers the organisational requirements that companies managing UCITS need to fulfil, and conflicts of interest those companies must avoid. The…

The EU Parliament has recently approved the Regulation on Credit Rating Agencies (CRAs) . Although the text still needs to be formally adopted by the Council and is subject to jurist-linguistic revision, translation and publication in the official journal, the substance will arguably remain…

On 13 February 2009 the European Commission submitted a provisional request to CESR for technical advice on the content of the implementing measures concerning the future UCITS recast Directive. The provisional mandate might have to be completed or supplemented following the adoption of the new…

The Markets in Financial Instruments Directive (MiFID) includes conduct of business requirements applying to a range of investment services. In certain respects, concerning investment firms' obligations to their clients and the information they must ask of clients, the approach and detail of…

On 3 June 2008 the Economic and Financial Affairs Council of the European Union (ECOFIN Council) invited the ESCB and CESR to adapt and finalise the ESCB-CESR

Since the Commission requested CESR's assistance on developing KII disclosures in April 2007, CESR has been working intensively to prepare its response, in parallel with the finalisation of the revised UCITS Directive at Level 1.

6. The first output of CESR's work was a set of advice that…

The Committee of European Securities Regulators (

On 13 January 2009 the European Parliament adopted in plenary session a proposal for a Directive containing amendments to the UCITS Directive (85/611/EEC) . This followed approval by the Council of an identical compromise text at a COREPER meeting of 17 December 2008 (the Council's final…

According to Article 25(3) of the Markets in Financial Instruments Directive (MiFID) , investment firms shall report details of transactions executed in financial instruments admitted to trading on a regulated market to their competent authorities.

The aim of this call for evidence is to…

The objective of the consultation paper is, on the one hand, to review whether the CESR‟s original conclusions in August 2007 on trade transparency in the bond markets remain appropriate in light of experiences from the recent market turmoil. On the other hand, the paper is part of the work of…

The task force has reported to CESR and has been mandated to conduct work on the following:
1) Assess the impact of the measures that were introduced by CESR Members;
2) Consider the range of policy options for taking a more convergent approach; and
3) Enhance the coordination…

In response to various calls for an opportunity to review CESR's preparation for the draft advice, the preliminary draft is now published for public review for a period of one month, ending 16 January. After this period, the advice will be finalized and submitted to the European Commission.

In the secondary markets area, MiFID is designed to foster competition among trading venues on the basis of a regulatory level playing field and in an environment of market transparency aimed at supporting market efficiency and investor protection.

One year on, CESR considers it…

In May 2007, CESR published the CESR Level 3 Guidelines on MiFID transaction reporting (Ref. CESR/07-301). The guidelines covered non-technical issues where there was a need for a harmonised approach by CESR Members: transaction reporting by branches; scope of the transaction reporting…

CESR and ERGEG would welcome responses to the questions raised in this consultation paper, or other comments on the subject of this paper, which should be provided by 24 November 2008.

All contributions shall be submitted via e-mail to ERGEG (mail to fis@ergeg.org) and online via CESR

CESR and the ESCB publish these draft recommendations for public consultation in the context of the joint work being undertaken by the ESCB and the CESR in the field of securities clearing and settlement. Part 1 of the consultation paper contains 19 recommendations, which deal with central…