CESR Publishes Its Annual Report For 2005, Which Summarises CESR’s Key Areas Of Activity Throughout The Period And The Achievements Of CESR To Put In Place A Proper Regulatory And Supervisory Environment For The EU Single Market For Financial Services

Throughout the report you will see evidence of the high level of participation by a wide range of market participants in CESR’s work.

CESR’s work in advising the European Commission on legislative matters is drawing to a close as Europe completes the major changes to the legislative framework which will provide a very comprehensive and modernised legal basis for EU financial service providers and investors to operate under. In this next phase, cross border cooperation in the implementation of this new legislation will be essential if the single market is to function effectively, and for investors to be able to enjoy comparable levels of protection when buying outside their home state. The focus therefore in the years ahead will be on achieving supervisory convergence, and the fruits of this will, most certainly, enhance our transatlantic work. In addition, this year’s annual report describes the close cross sector working relationships with the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). We will continue to build on this dialogue during 2006. In addition, CESR has drawn heavily on the valuable work of the International Organisation of Securities Commissions (IOSCO) which has developed international consensus in a number of key areas relating to CESR’s work and this has proven a particularly helpful basis from which to work.

To view the report, please go to the Media Centre, or click here.

This report is accompanied by a press release.