Jean-Paul SERVAIS, Chairman of the Managing Committee of the Belgian CBFA
Following the delivery of CESR's technical advice to the EU Commission and the forthcoming adoption by the European Commission of the Markets in Financial Instruments Directive ("MiFID") Level 2 implementing measures, and in accordance with the recommendations of the Final Report of the Committee of Wise Men on the Regulation of European Securities Markets – the Lamfalussy report – CESR should now consequently focus on developing mechanisms to ensure consistent implementation of MiFID Level 1 and 2 requirements and foster supervisory convergence among CESR members.
In light of the changing emphasis of CESR's work on MiFID, CESR agreed to dissolve the previous three Expert Groups and its MiFID Steering Group at the conclusion of the Level 2 implementing measures. CESR also agreed to establish a new single 'MiFID Level 3 Group' (the "Group"). This group is not intended to be of permanent nature; it aims to achieve most of its results to facilitate a smooth and consistent implementation of the new regime, starting in November 2007. Further work will be performed as warranted.