In the mandate the European Commission asks CESR to provide:
- An opinion on two preliminary issues; how agreements of interoperability of Officially Appointed Mechanisms (OAMs) could be obtained, as well as an analysis of cost and funding implications for Member States at the initial stages of the creation of a EU-wide network;
- Secondly, CESR shall provide technical advice on a number of issues regarding the role of the Officially Appointed Mechanisms for the central storage of information for the Transparency Directive. In this regard, CESR shall also provide technical advice on the role of the Competent Authority in supervising the OAMs, and provide an assessment of the costs of setting up an OAM that meets the standards.
- Thirdly, CESR shall provide technical advice on the filing of regulated information by electronic means with the competent authorities, and on the alignment of this procedure with that of the filing with the OAM.
In addition to its request for a technical advice, the European Commission has also asked CESR to submit an Interim Report on cost and funding of OAMs by end of April 2006.
Together with the mandate CESR has received a letter from the Commission containing additional helpful information, which is also published on CESR’s website.
CESR’s work under this mandate will be carried forward by the Expert Group on Transparency which developed CESR’s first advice to the European Commission on possible implementing measures of the Transparency Directive. CESR is also establishing a Consultative Working Group, consisting of representatives from the market, for the purposes of advising the Expert Group on these issues.
Call for evidence
By publishing this mandate, CESR is inviting all interested parties to submit views as to what CESR should consider in its technical advice to the European Commission. All contributions should be addressed to Mr Fabrice Demarigny, Secretary General, via the CESR web site at www.cesr-eu.org, under the heading “Consultations”, by 31 August 2005.
