CONSULTATIONS

This Consultation Paper follows two calls for evidence and a questionnaire on related subjects published earlier in 2007, as well as discussion at a Retail Investor Workshop. It is part of CESR's ongoing work in response to a request for assistance from the European Commission (Commission), and…

Following nearly six years since the creation of CESR (which took place in September 2001), CESR is undertaking a comprehensive review to assess its effectiveness over this period. To do this, CESR publishes today a questionnaire for interested stakeholders to provide CESR with feedback and…

CESR is inviting all interested parties to submit their views regarding the possible CESR Level 3 work it could undertake in relation to the TD and the Level 2 Directive. In particular, responses to the following questions would be especially welcomed:

As previously announced in its public statement (CESR 07-304), CESR is in the process of preparing its second annual report on the credit rating agencies' (CRAs) compliance with the IOSCO Code of Conduct.

To this effect, CESR is publishing today a questionnaire regarding the rating of…

The proposed IA methodology set out in the guidelines is consistent with the European Commission's own IA guidelines. This means that it involves identifying problems relating to institutional objectives, identifying possible solutions (including leaving it to the market to solve), analysing…

CESR issued a call for evidence on 6 February 2007 asking for views on the Commission's questions. The response period closed on 6 March, and CESR has aimed to include the key points from the responses in this consultation paper (CP). The aim of this paper is to set out CESR's views on the…

CESR publishes today a consultation paper entitled:

One of the elements CESR will need to consider in developing key investor information is the diversity of ways in which UCITS funds can be

The UCITS Directive (85/611/EEC) requires the use of simplified prospectus (SP) for the purpose of informing clients before they invest in UCITS. The current content and format of the SP is considered not to have achieved its initial objectives, since documents are often overly long and…

The Simplified Prospectus (SP) is a disclosure document designed for retail clients buying units in a UCITS, to provide them with the information they need to make informed decisions about whether to invest in a particular fund or product. The full Prospectus is considered too long and technical…

In its consultation paper Inducements under MiFID published in December 2006 (CESR/06-687) CESR explained that it was considering issuing recommendations setting out a common supervisory approach to the operation of Article 26 of the MiFID Level 2 Directive , entitled "Inducements".
In…

CESR is inviting all interested parties to submit their views regarding transparency on bond markets. CESR would like to point out that, as indicated by the request, the purpose of CESR work is not to duplicate the work of the Commission. Therefore there is no need to re-submit those responses…

The purpose of this consultation paper is to describe CESR's conclusions on Hedge Fund Indices, and to propose draft measures.
The measures proposed will be adopted by CESR at "Level 3". Level 3 measures concern strengthened co-operation between (national) regulators to ensure consistent…

Comments are invited on all aspects of this paper but where we anticipate that feedback will be particularly useful, we have directed stakeholders to some issues for particular comment. Given that the issues this paper addresses are likely to attract a broad range of interest, we intend to hold…

Article 25 of MiFID establishes a transaction reporting regime where investment firms shall submit reports of executed transaction to their competent authorities regarding financial instruments admitted to trading on regulated markets. The reports can be made either by investment firm itself, a…

Article 19(1) of the Level 1 Markets in Financial Instruments Directive 2004/39/EC ("MiFID") provides that when providing investment services and/or, where appropriate, ancillary services to clients an investment firm must act honestly, fairly and professionally in accordance with the best…

CESR launches a consultation on the use of reference data standard codes in transaction reporting. From 1 November 2007 investment firms will report the transactions that they have executed to their local Competent Authority in accordance with Article 25 in the MiFID Directive. Competent…

This consultation paper presents proposals and questions for a common approach on the notification procedures set out in Articles 31 and 32 of MiFID and on the future collaboration between the home and host authorities that will be necessary in order to guarantee efficient and consistent…

Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or
admitted to trading (

CESR launches a 2nd set of draft guidance for public consultation on the operation of the Market Abuse Directive. Following the first two years of experience gained under the new market abuse regime, CESR is of the view that this is the right time to provide further guidance to market…