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CESR Members re-elected today Eddy Wymeersch, Chairman of the Supervisory Board of the Belgian Banking, Finance and Insurance Commission (CBFA) as Chairman of CESR and Carlos Tavares, Chairman of the Comissão do Mercado de Valores Mobiliários (CMVM), as Vice-Chair of CESR for a second term beginning 25 February. Mr Wymeersch and Mr Tavares were first elected Chair and Vice-Chair of CESR, on 1 February 2007 respectively.
The re-election of CESR’s Chair and Vice-Chair is an important signal of confidence by the CESR Members in the Committees leadership. The re-election will also provide stability during this period of significant financial upheaval and will ensure continuity as the EU Institutions and the Committee re-assesses the appropriate regulatory architecture for Europe’s securities supervisors and implement the changes necessary.
On his re-election as Chairman of CESR, Eddy Wymeersch noted:
"I feel very privileged to continue the Chairmanship of CESR during what will be a key phase in the life of the Committee. I continue my chairmanship of the Committee during what are very turbulent times, which herald the need for unprecedented change, both for the markets and its participants, as well as for EU regulators. The financial crisis has revealed the commitment to strong coordination amongst Europe’s regulators, but at the same time, it has also revealed the areas where CESR and its Members need to strengthen their efforts further, whilst sharing the limits that exist within the current framework.
Embedding supervisory convergence and ensuring co-ordination among CESR Members, will be my primary objective. In carrying out this objective, I look forward to strengthening CESR’s role through the dialogue with the EU Institutions on the structure of supervision, so that any future structure can better deliver investor protection, restore investor confidence and ensure sustainable markets which will continue to be our Members’ key priority. I renew my commitment in carrying out my responsibilities as CESR’s Chairman, knowing that I will be tackling the challenges which lie ahead, with the support of an excellent team embodied by the Vice-Chair, Carlos Tavares, the Secretary General, and the support of the CESR Secretariat and with the strong support of my fellow Chairs."
Carlos Tavares on his reelection as CESR’s Vice-Chair stated:
"I am very grateful for the confidence shown by CESR Members in re-electing myself and Eddy Wymeersch to continue our responsibilities. During the last two years as Vice-Chair of CESR, together with CESR’s Chair and Members, CESR has seized the opportunity to make a significant contribution to furthering the achievement of greater convergence amongst supervisors in the field of securities. New tools have been developed by CESR and put into practice during the last two year. The first outputs of this, which can be witnessed in the results of exercises mapping the day-to-day implementation of the key Financial Services Directives, has now nearly been completed. The results were not always what we would have wanted to see but it is a crucial step forward and will prove incredibly valuable to market participants and the EU institutions and regulators alike in helping us to assess the priorities moving forward. The global financial crisis poses for CESR and its Members, a notable challenge in raising investor confidence and in meeting this challenge, the effective and consistent implementation of all regulation across Europe will play a critical role. I am confident that CESR can rise to meet this challenge, adapting itself as
