The Committee of European Securities Regulators (CESR)
welcomes and accepts the reconfirmed mandate on supervisory convergence amongst Europe’s securities regulators, given to CESR by the
ECOFIN conclusions adopted today by Europe’s Finance Ministers. Today’s explicit support for the work of CESR, and the key list of recommendations for further supervisory convergence, represent an important political step forward by EU Member States, following on from the adoption of the Stockholm Resolution which introduced the ‘Lamfalussy’ legislative approach for financial services in March 2001 and established CESR. In particular, CESR acknowledges the commitment by Ministers to monitor the convergence of supervisory powers of EU securities supervisors and welcomes the recognition that equivalence of powers amongst national supervisors is the necessary precondition to any form of cooperation between authorities. The effective convergence of supervisory powers will contribute to greater investor protection by ensuring that investors can enjoy the same protections when buying cross border.
