The Market Participants Consultative Panel was established by CESR in June 2002, following a suggestion of the European Parliament and the Committee on Wise Men chaired by Alexander Lamfalussy.
The role of the Panel is to:
Assist CESR in the definition of priorities and work programme;
Provide comments on the way in which CESR is exercising its role and, in particular, implementing its Public Statement of Consultation Practices;
Alert CESR on regulatory inconsistencies in the Single Market, identify and suggest areas where CESR should undertake further work to improve supervisory co-ordination (e.g launch a Level 3 initiative such as providing guidance, development of a common supervisory standard);
Inform CESR on major developments in financial markets and to identify new elements for preliminary discussion by CESR.
The Panel normally meets three times a year. The Chairman and the Secretary General of CESR, as well as the rapporteur from the Secretariat and the Chairs of relevant CESR Expert Groups attend these meetings and facilitate the discussion.
The initial meetings of the Panel, were mainly devoted to establishing internal procedures and working methodologies. Having put these procedures in place the meetings of the Panel are organised along the following lines:
one technical session devoted to discuss issues of particular prominence in the regulation of financial securities markets on which CESR is in the process of forming its views. This may include for example an issue on which CESR is in the process of delivering either technical advice to the European Commission or, is in the process of adopting regulatory standards of a Level 3 nature;
a session to discuss aspects related to the Lamfalussy procedure, the consultation policy of CESR, as well as its priorities and working methods. Members of the Panel have also contributed to highlight recent market trends and overall conditions of European financial markets.