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The Chairmen of all the EU securities regulators represented in CESR, re-elected both the Chairman of CESR, Arthur Docters van Leeuwen, Chairman of the Netherlands Authority for the Financial Markets and the Vice Chairman, Kaarlo Jännäri, Director General of the Finnish Financial Supervision Authority, for a further two year term.
The decision reflects the view that CESR’s work is at an important juncture in a number of respects and that the continued service by the Chairman and Vice Chairman will ensure that:
- CESR plays its full role in an accountable and transparent manner within the ‘four level’ Lamfalussy process, established to strengthen the single financial services market;
- CESR’s makes a smooth transition from working mainly in a Level 2 capacity (giving technical advice to the European Commission) towards greater emphasis on supervisory convergence in a Level 3 capacity, following the near completion of the Financial Services Action Plan.
The Chairs of CESR’s operational groups CESR FIN and CESR POL are re-elected
In addition, both the Chairman of CESR-Fin, John Tiner, Chief Executive of the UK FSA, and the Chairman of CESR-Pol, Kurt Pribil, Chairman of the Austrian FMA, were also unanimously re-elected to continue leading the work of these two groups.
CESR-Fin is a permanent operational group with the role of co-ordinating the work of CESR members in the area of endorsement and enforcement of international financial reporting standards (IFRS) in Europe. CESR-Pol is a permanent operation Group within CESR with the function of assisting and co-ordinating the members efforts in relation to surveillance and enforcement activities.
CESR also renews the Membership of the Market Participants Consultative Panel
Finally, following the standard procedure for renewal of the Market Participants Consultative Panel, five new appointments were confirmed. John Howard, Chairman of the UK Financial Services Consumer Panel, Julio Lage Gonzalez, International, Institutional Relations, Innovation and Strategy areas at Caixa, and Jonas Romlin, Head of Derivatives at SEB Asset Management were appointed following nominations by CESR Members. The new members will therefore be invited to participate in the Panel at the next meeting of the Market Participants Consultative Panel.
In addition, the membership of the Panel of Donald Brydon, of AXA Investment Managers, and Dominique Hoenn, Directeur Général Délégué at BNP Paribas, was renewed.
