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The Working Group would like to continue the dialogue with market participants and in particular with those institutions who had answered the earlier consultation, and have therefore shown interest in the subject. The Working Group would like to invite all interested parties to attend an OPEN HEARING to be held at the premises of CESR in Paris on 25 MAY 2004 (see "Hearing" page to book).
The aim of the meeting is to discuss the revised draft consultation paper before it is finalised by the Working Group, approved by CESR and the Governing Council and submitted to the relevant authorities THIS PAPER IS AVAILABLE UNDER THE HEADING "EXPERT GROUPS/CLEARING & SETTLEMENT or HEARINGS.
The Working Group has discussed the outcome of the consultation of last year and, in most cases, found market comments very useful and agreed to adjust the proposals to them. However, the ESCB-CESR is facing a challenge with regard to the regulation of CSDs (Standard 6) and the management of credit exposures (Standard 9). On these points, unfortunately, the Working Group received conflicting comments from market participants.
In this respect, the new version of the report reflects a compromise that takes into account both the public interest and the interest of the parties involved. The new version of the report also provides a glossary on which the views of market participants are particularly welcomed. Market participants are invited to provide comments and give their views on both the general regulatory approach being proposed by the ESCB and CESR and the specific details contained in the Report.
Written Comments could be provided to the joint ESCB and CESR Secretariat: Elias Kazarian (ECB) at elias.kazarian@ecb.int and Wim Moeliker (CESR) at secretariat@cesr-eu.org as soon as possible.
Click here to view the draft standard.
