The role of CESR at 'Level 3' under the Lamfalussy process

This consultation paper aims at presenting the views of the Committee of European Securities Regulators (CESR) on how it should organize its role at level 3 under the Lamfalussy procedure. The paper is structured in two parts. The first section provides an introduction and description of the current general principles governing the way in which the Lamfalussy approach and in particular the level 3 should work. The second section sets out in a more detailed manner the organization of CESR's role at level 3 which can be subdivided into the following three different categories: i) coordinated implementation of EU law, ii) regulatory convergence, and iii) supervisory convergence.
In order to give interested parties an opportunity to express their opinions on the consultation paper, CESR will hold an open hearing on 11 May 2004 at its premises in Paris. You can register for the open hearing via the new website of CESR under the heading consultations.
The deadline for submitting written responses to the consultation paper is 1 June 2004. Comments can be posted directly on CESR's website under the section