This report complements CESR's Annual Report for 2005. The report focuses on the functioning of CESR: the “Level 2” work where CESR provides advice to the EU Commission on possible implementing measures of Directives, and the “Level 3” work where CESR Members work together to ensure convergence of their regulatory and supervisory tasks. The report also deals with CESR’s inter-institutional relationships, with the two other Level 3 Committees, CEIOPS and CEBS, as well as with CESR’s current dialogue with third countries, which is at present primarily focused on the US.
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CESR also publishes its 2007 Work Programme.