Which supervisory tools for the EU securities markets? Preliminary Progress Report (Himalaya Report)

The purpose of this preliminary report on the supervision of securities activities in Europe by CESR is twofold. The first objective is to take stock of progress made through the Financial Services Action Plan (FSAP) toward the integration of the EU Single Market for Financial Services in the field of securities. The second objective is to identify and analyse the supervisory tools necessary to implement the FSAP and to anticipate the developments in the next five years so as to allow securities regulators to evolve effectively and by so doing, ensure they can fully play their role in maintaining fair, transparent and secure securities markets in Europe. In order to achieve this objective, a number of possible options exist for solutions to be found, both within, and sometimes, beyond, the current framework of EU law, and these options have been explored with a view to improving the efficiency of the co-operation among regulators and the operation of the CESR Network.
This work by CESR should be understood as a preliminary contribution to the debate on the content of the post-FSAP agenda. It does not constitute in any manner a final opinion on this matter but is rather a preliminary analysis of current challenges and possible solutions for which guidance from the EU institutions and comments from the market participants are necessary before reaching a definitive conclusion. This report will be presented to the EU-institutions and is now open to public consultation by 31 January 2005.