.jpg)
The meeting was generously hosted by the CNMV (Comisión Nacional del Mercados de Valores) and the Regional Government of Valencia (la Generalitat Valenciana) and organised by CESR. CESR draws together securities supervisors from all the European Securities Regulators across the European Union. The role of CESR includes advising the European Commission on the development of European securities legislation to ensure that investors can enjoy the same level of protection across Europe. However, to regulate and supervise effectively on a day-today basis and to establish what could be improved to ensure investors and market participants can remain confident that the markets within which they invest, are safe, CESR recognises the importance of actively listening to the needs of all market participants and to learn from their experiences. To do this, CESR launches regular consultations as it develops its proposals. CESR receives many responses to these consultations but would like to hear the voice of those representing retail investors to a greater extent. The purpose of the meeting was therefore to establish the difficulties European consumer associations face in participating in these consultations and therefore, in shaping the CESR proposals which are developed to protect them and to find practical ways that CESR could be more effective in engaging retail consumers associations in an ongoing dialogue.
In addition, the attendees gathered to explore what the needs of retail consumers are in Europe, and to identify if regulators have a role to play in educating consumers, and if so what that role might be and how CESR can assists its members who undertake efforts to education consumer on a national basis.
CESR’s Vice Chairman, Kaarlo Jannari noted
‘If the European single market in financial services is to reach its full potential, it will be essential
to find ways to actively engage representatives of retail consumer associations in the process of
shaping Europe’s regulation and supervision. Their active participation in the process will ensure
they have greater confidence in the safety of buying investments cross border and, as a result, will
ensure they can benefit more fully from the opportunities the single market in financial services
offers them. CESR is therefore seeking practical ways to improve its processes to be better placed
to actively hear the needs of Europe’s retail investors. Today’s (Monday’s) conference is evidence of the importance the members of CESR, Europe’s national supervisors place on engaging retail investors in the policy making process. We also recognise however, that investor education plays an important role in ensuring that investors are equipped to fully participate in the single market for financial services. For this reason, CESR is reviewing what it might do to assist the efforts of its members in informing and educating consumers of their rights and obligations.’
Manuel Conthe, President of the CNMV, stated
'The protection of investors is one of the most basic objectives for the regulator and a large part of
the supervisors efforts are directed to this end. For some years now, the CNMV has been leading
these meeting with consumers and the exchanges to strengthen the protection of the retail
investor. In this sense, investor education is fundamental in that it delivers the best protection for
the individual. Before I finish my remarks, I don’t want to miss this opportunity to thank the
Autonomous Regional Government of Valencia without which, it would not have been possible to host this CESR event in Valencia.
