CESR consultatie Which supervisory tools

CESR consultatie: Which supervisory tools for the EU securities markets?

In dit voorlopig rapport wordt een analyse gemaakt van wat in de komende vijf jaar de mogelijke rol van  effectentoezichthouders kan zijn bij het implementeren en handhaven van de maatregelen uit het Financial Services Action  Plan. De consultatie loopt tot 31 januari 2005.

Originele persbericht

CESR consults on an analytical report "Which supervisory tools for the EU securities markets?"

The Committee of European Securities Regulators (CESR) is publishing for consultation an analytical report entitled "Which supervisory tools for the EU securities markets?" (Ref: CESR/04-333f).

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.

The main ideas put forward in the report are that:

1. The degree of integration of the securities markets in the EU, varies significantly, both according to the sectors and categories of market players considered. EU securities regulators should therefore develop an "adaptive"  strategy to face the progressive integration of markets. As a consequence, this requires supervisors to evaluate the supervisory tools they will need to react properly and proportionally to the evolving reality of markets. CESR believes that once it has completed the very significant task of dealing with the FSAP measures, there is great scope to adapt supervisory arrangements.
2. One of the preconditions for CESR members to carry out effectively their new obligations to cooperate under the FSAP is that supervisors should be given equivalent legal and functional
   capacity to act. The greatest priority of CESR is precisely to deepen the co-operation arrangements under the FSAP to enhance the supervisory relationship between authorities and improve the convergence of approaches and decisions within the Network of securities regulators.
3. However, this analysis would be incomplete if it did not flag that the need to consider supervisory tools of a trans-national dimension, is closer than it was four years ago when the Committee of Wisemen, chaired by Baron Lamfalussy, was set up. CESR believes that these
   options should be considered only if it is very clear that the present system cannot be developed to provide proper solutions to the question of supervisory convergence.

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.