EUROPE - The Committee of European Securities Regulators (CESR) has launched a consultation paper aimed at establishing how regulators can ensure consistency in the implementation of the European Financial Services Legislation.
The consultation paper also seeks to engage market participants, consumers and end-users of financial services regulation in a discussion to establish how regulators can ensure greater EU-wide convergence through the application of the legislation.
The plan to create consistency among regulators implementing the EU legislation forms part of Level 3 of the Lamfalussy Process – the four-stage process created for the establishment of the European securities market regulation.
A CESR statement said that the paper explores how CESR members might fully exercise their responsibilities within the four-level framework and establishes a number of proposals on how it can develop its role in Level 3 further while also recognising the need for CESR to co-ordinate its execution of this role with other key players, such as the member states and the European Commission.
At present, CESR is working towards the fulfilment of this objective by producing administrative guidelines, interpretative recommendations, common standards, peer reviews, comparisons of regulatory practice to improve consistent application and enforcement of EU legislation or the CESR standards concerned, the statement outlined.
These existing Level 3 functions fall into three categories and the consultation paper sets out examples of work undertaken in each of these modes: the first being, co-ordinated implementation of EU law, the second includes regulatory convergence and the third includes supervisory convergence.
As the EU reaches the final stages of its programme to modernise the Financial Services Legislation, the ability of regulators to fulfil their part in working towards this objective becomes more critical, the statement said.
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