The “Stockholm Resolution” adopted by the European Council on 23 March 2001 stated: ‘The Committee of European Securities Regulators should also contribute to the consistent and timely implementation of Community legislation in the Member States by securing more effective cooperation between national supervisory authorities, carrying out peer reviews and promoting best practice.’

CESR therefore established its peer pressure group, the Review Panel in March 2003 in order to contribute to supervisory convergence through the consistent and timely implementation of Community legislation in the Member States, and the identification of areas of regulation and supervision where there is room for further convergence.

The Review Panel achieves this aim by securing more effective co-operation between national supervisory authorities, carrying out reviews and promoting best practice. One key task of the Review Panel is to review the day-to-day implementation of EU legislation, and CESR standards and guidelines into national rules in the Member jurisdictions.

The panel assesses the overall process of implementation, provides common understanding and expresses views on specific problems in the implementation process encountered by individual Members. It uses mapping exercises to establish facts, and self-assessments to obtain a first picture of the practice of supervision in a given area. Most importantly, it exercises group pressure through peer reviews which are carried out by fellow Members on the implementation in all jurisdictions concerned by setting benchmarks that help evaluating the Members’ state of compliance. In certain circumstances, the Review Panel establishes a special group to address issues of a technical nature. The findings of the Review Panel are communicated to the European Commission, market participants, and the wider public.

The Review Panel operates on the basis of the Review Panel Protocol (Ref. CESR/ 07-070b) and two methodologies: a) Methodology for mapping exercises (Ref. CESR/ 07-664) and b) Methodology for self-assessment and peer review tool (Ref. CESR/ 07-071b)