Without setting exact levels that should be reached with regards to standardisation and trading of OTC derivatives on organised venues, CESR
proposed that ESMA should develop and set appropriate targets, deadlines and deliverables for legal, process and product standardisation per asset class, in consultation with the industry, and be assigned the role of monitoring progress.
could decide to drop the VAR and so effectively bar sophisticated derivatives from UCITS.
currently operates as an advisory group to the European Commission (EC) with responsibility for coordinating activities between national securities market regulators and oversight of the implementation of European legislation in member states.
In particular, the PATA will provide flexible, needs-tailored support for in-depth analysis and policy dialogue and advice during CESR
Phase 2, and formulation of viable PPE elements within the broader CESP to be approved at the end of Phase 3.
had established an extensive set of very useful recommendations, said Wymeersch, but since these have no binding force, they are of little use in practice.
In its response to a CESR
consultation, the European Fund and Asset Management Association asserted that the postatrade transparency of BCNs is "sufficient" and that transparency requirements need not be extended to preatrade.
The three committees, CESR
(Committee of European Securities Regulators), CEBS (Committee of European Banking Supervisors) and CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors) monitor respectively the securities, banking and insurance sectors.
It intends to implement a new system of transmedia coproduction, carried by the CESR
, which is partnering with producers and broadcasters recognized in the field of video games, web-documentary and documentary.
The regime would help to identify and restrain potentially abusive behaviour at an early stage and allow regulators to take timely preventive measures," said Anastassios Gabrielides, chairman of the Capital Market Commission of Greece and chair of CESR
-Pol, a sub-group of CESR
responsible for surveillance and exchange of information.
Eddy Wymeersch, chair of CESR
and former chairman of the Belgian Banking, Finance and Insurance Commission, stressed that European investors who had lost money should first seek recompense through the US court system.
Contact point(s): Service des Politiques routires CESR