The decision reflects the strongly held view of all the CESR Chairmen that CESR’s work is at an important juncture in a number of respects and that the continued service by the Chairman and Vice Chairman will be invaluable in ensuring:
- The successful completion of CESR’s task to contribute advice when requested by the Commission on the various initiatives of the Financial Services Action Plan to be implemented by 2005. Much of this work is at a critical stage of implementation. For example, the Market Abuse Directive is now reaching the final phases of completion and in the case of the Prospectus Directive, CESR is close to submitting it final piece of advice to the European Commission. Equally, new areas such as the proposed revision of the Investment Services Directive is just beginning with new mandates from the European Commission requesting CESR’s advice expected shortly.
- CESR plays its full role in an accountable and transparent manner within the ‘four level’ Lamfalussy process, established to strengthen the single financial services market. One important factor contributing to this objective will include ensuring more consistent and timely implementation of Community legislation in Member States and this will develop more fully as CESR’s Review Panel chaired by the Vice Chairman becomes more active in reviewing the progress made by Member State regulators’ in this respect.
- The enlargement of CESR to take in the new countries which will accede to membership of the European Union in May 2004.
