CESR is an independent
Committee of European Securities Regulators. The role of the
Committee and its operational arrangements are set out in the
The Committee was established under the terms of the European Commission.s Decision of 6 June 2001
. It is one of the two committees envisaged in the
of the Committee of Wise Men on the regulation of European securities markets, chaired by Baron Alexandre Lamfalussy. The report itself was endorsed by Heads of State in the European Council (
Stockholm Resolution of 23 March 2001
) and the European Parliament (
European Parliament Resolution of 5 February 2002
In summary, the role of CESR is to :
- Improve co-ordination among securities regulators
: developing effective operational network mechanisms
to enhance day to day consistent supervision and enforcement
of the Single Market for financial services; Having agreed
Memorandum of Understanding (MoU) , CESR has made a significant
contribution to greater surveillance and enforcement of securities
- Act as an advisory group to assist the EU Commission :
in particular in its preparation of draft implementing measures of EU framework directives in the field of securities;
- Work to ensure more consistent and timely day-to-day implementation of community legislation in the Member States : this work is carried out by the Review Panel under the Chairmanship of CESR's Vice Chairman, and by the two operational groups: CESR-Pol and CESR-Fin.
The CESR Chair and Vice-Chair are elected from among the Members for a period of two years. The Committee meets at least four times a year, with expert and operational working groups of national experts meeting on a regular basis and working at a distance as necessary. CESR works with the support of a secretariat based in Paris conducted by a Secretary General.
A representative of the European Commission is entitled to participate actively in all debates (with the exeption of confidential discussions related to individuals and/or firms).
CESR submits an Annual Report to the European Commission, which is also sent to the European Parliament and the Council. The Chair of CESR reports regularly to the European Parliament and maintains strong links with the European Securities Committee.
All understandings, standards and work agreed within the Forum of European Securities Commission (FESCO) have been taken over by CESR.