CESR launches discussion to establish how regulators can fully play their part in ensuring firstly, that there is greater consistency across Europe in the process of implementation (where CESR Members contribute towards the local transposition of European financial services legislation in their Member States), and secondly, to ensure greater EU-wide convergence through the application of this legislation (that is undertaken on a day-to-day basis through the exercise of their supervisory tasks).
This consultation paper aims at presenting the views of the Committee of European Securities Regulators (CESR) on how it should organize its role at level 3 under the Lamfalussy procedure. The paper is structured in two parts. The first section provides an introduction and description of the current general principles governing the way in which the Lamfalussy approach and in particular the level 3 should work. The second section sets out in a more detailed manner the organization of CESR's role at level 3 which can be subdivided into the following three different categories:
- coordinated implementation of EU law,
- regulatory convergence, and
- supervisory convergence.
In order to give interested parties an opportunity to express their opinions on the consultation paper, CESR will hold an open hearing on 11 May 2004 at its premises in Paris. You can register for the open hearing via the new website of CESR under the heading consultations. The deadline for submitting written responses to the consultation paper is 1 June 2004. Comments can be posted directly on CESR's website under the section "Consultations".
Click here for further details.
Click here to view the consultation document on "The role of CESR at Level 3 of the Lamfalussy process (63 pages - annex 4 pages 14-63)".
