EUROPE - The Committee of European Securities (CESR) has appointed Lamberto Cardia, chairman of the Italian securities regulator, as chairman of CESR's expert group on Investment Management .
CESR has also appointed Andres Trink, chairman of the management board of the Estonian Financial Supervision Authority, The Finantsinspektsioon, as chairman CESR’s expert group on the Transparency Directive.
The committee has re-appointed CESR’s secretary general, Fabrice Demarigny, for a further three year term.
In December 2002, Europe’s finance ministers in the ECOFIN council asked CESR to look into asset management and collective investment schemes.
To assist the expert group, a consultative working group composed of practitioners, consumers and end users will be set up in the coming weeks, a CESR statement said.
A permanent member of the CESR secretariat, Jarkko Syyrilä has been recruited to assist the chairman and acts as rapporteur of the expert group. Prior to his appointment, Syyrilä worked in the field of investment management at the Rahoitustarkastus, the Finnish Financial Supervision Authority.
The European Commission is expected to request the committee’s advise on aspects of the Transparency Directive, which was initially proposed by the commission in March 2003.
The rapporteur of the expert group on the Transparency Directive will be Michel Colinet from the CESR secretariat.
A consultative working group of practitioners, consumers and end users will also be formed shortly.
This week's edition of Professional Pensions is out now
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Aegon has called for the government to double the tax exemption on employer-arranged pension advice, up from £500 to £1,000.
Institutional investor confidence in Europe rose by 8.9 points in April with each region showing growing appetite for risk, according to State Street Global Exchange.