Major outcomes of the third meeting of CESR, CESR

Major outcomes of the third meeting of CESR, CESR starts work under the Lamfalussy approach

The third meeting of the Committee of European Securities Regulators  (CESR) took place in Paris on 14 March 2002.
CESR has approved the retail regime as set out in the paper 'A European Regime of Investors Protection: the Harmonisation of the Conduct of Business Rules' (Ref. CESR/01-014d).  This set of Standards and Rules provides harmonised core conduct of business rules for retail investors in the following areas: standards and rules of general application, information to be provided to customers, the 'know your customer' standards and the duty of care, customers agreements, dealing requirements (including the 'best execution' standards) and individual  discretionary portfolio management.  The professional and counterparty regime, including the categorisation of investors paper, requires further work by CESR.