The European Commission published today its first set of provisional mandates requesting CESR’s advice on possible technical measures to implement the proposed Financial Instruments Markets Directive (FIM) which will revise the existing Investment Services Directive (ISD). The decision to revise the ISD, originally adopted in 1993, reflects common agreement that structural changes in EU financial markets requires legislation to be adapted in order to advance integration of the single market in financial services. The FIM will form the cornerstone of the EU’s securities regulatory regime, and is intended to deliver an effective ‘single passport’ allowing investment firms to operate across Europe. · Call for evidence. The EU Commission’s provisional mandates, published today by CESR (under the cover note Ref. CESR/04-021), request CESR to submit its advice on the appropriate measures to implement the Directive by 31 January 2005. CESR therefore announces a call for evidence from interested parties on all the provisional mandates issued, sets out how it intends to structure its own expert working groups to deliver the advice requested by the European Commission, and provides a timetable for the work and the consultation process. Views from Market Participants on any or particular parts of the mandates are welcomed by 19 February 2004. These can be addressed to the Secretary General, Mr Fabrice Demarigny, at the CESR Secretariat (email address: secretariat@europefesco.org).
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