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ProfessionalsPublicatiesInternationale berichtenArchief internationale berichtenCESR bemiddelingssystematiek

 

CESR bemiddelingssystematiek

CESR: bemiddelingssystematiek voor oplossing geschillen tussen toezichthouders

De bemiddelingssystematiek zal de convergentie van de toezichtpraktijken in de Europese Unie bevorderen en een correcte implementatie en toepassing van EU-wetgeving en CESR-maatregelen. CESR vraagt marktpartijen commentaar te geven voor 9 mei 2005.

Meer informatie vind u op de website van CESR. Deze vindt u via de 'Zie ook' link.

Het originele bericht vindt u hieronder.

CESR starts Level 3 work on the establishment of a mediation mechanism amongst supervisors

CESR announces today with the publication of the mandate and call for evidence (Ref: CESR/05-253), its first steps towards the development of a mediation mechanism to facilitate the rapid and effective solution to disputes between national supervisors. The mediation mechanism will further strengthen efforts to converge supervisory practice at EU level by ensuring fairer implementation and application of CESR measures and EU law. Interested parties are invited to provide comments to the CESR Task Force on a number of areas identified in the call for evidence by 9 May 2005.
 
Following an initial consultation, it has been established that CESR's mediation mechanism will need to conform to some underlying principles.  In particular, it should:

  • Be a mechanism of peers (i.e. CESR Members) committed to ensuring the success of mediation;
  • Ensure safeguards are put in place to ensure an unbiased process;
  • Be geared to produce rapid and efficient decisions;
  • Avoid any systematic questioning of the 'automaticity' of mutual recognition;
  • Incorporate a process to identify suitable cases for mediation (including a system to receive complains on cross-border cases) and act as a filter for those cases not appropriate for this mediation system;
  • Develop in a way that enables input from market participants;
  • Allow enough flexibility to cater for different purposes envisaged by the new FSAP Directives (e.g. Market Abuse Directive, MiFID, Prospectus Directive);
  • Publish the outcomes in a manner that protects business confidentiality.

In addition, the mechanism developed will have to ensure that the competences of the European Commission are fully respected, and it will not interfere with the respective roles of the European Commission and the European Court of Justice in the interpretation and enforcement of EU law.

CESR will also take into consideration work on mediation and other alternative dispute resolution mechanisms undertaken in other international fora when developing its own mediation mechanism.

The decision of CESR to develop work in this area follows a report by the Inter-Institutional Monitoring Group (which regularly reviews the functioning of the Lamfalussy process on behalf of the EU institutions) and the views expressed by the Council's European Securities Committee, in which both proposed that CESR should consider establishing a mediation mechanism which goes beyond the Market Abuse Directive (explained further in the note to editors para. 3). On this basis, CESR consulted on the idea to establish a CESR mediation mechanism on two occasions and received overwhelming support for this initiative.

To develop this mechanism, CESR has established a Task Force on Mediation which will be chaired by Mr Manuel Conthe, Chairman of the Spanish Securities Commission (Comisión Nacional del Mercado de Valores) and which has been given the specific responsibility of developing a proposal for a CESR mediation mechanism. Alexander Karpf from the CESR Secretariat will act as rapporteur. The Task Force will be composed of representatives of CESR Members and the European Commission.

In developing its proposal, the CESR Task Force will follow its working methods as set out in CESR's Public Statement on Consultation Practices (Ref. CESR/01-007c), which will include the publication of a call for evidence (as announced today), the publication of a consultation document and a public hearing. In addition, a targeted seminar will be organised involving experts in the field of mediation to inform the final conclusions of the Task Force.

It is envisaged that the final report by the Task Force will be ready by no later than early 2006.  However, a detailed timeline of CESR's future work in this area is set out below.

Call for Evidence

CESR is therefore inviting all interested parties to submit their views regarding the establishment of a mediation mechanism. In particular, views are sought on the key features that might shape the mediation mechanism, the scope of the types of cases to be considered by such a mechanism and how the process might work. To see the full set of questions please refer to the 'Call for Evidence' which includes the mandate of the CESR Task Force for reference.

All contributions, including concrete examples, can be submitted online via CESR's website at under the section 'consultations' by 9 May 2005.