About Us

CESR has at least four plenary sessions a year where all the heads of the national regulators meet to review the progress and work undertaken by CESR. Much of this work is prepared by Standing Committees (SC), Panels and Networks which are supported by Technical Groups.

CESR has established a number of standing committees which work on the basis of a clear mandate either supplied by the European Commission (commonly referred to as level 2 of the Lamfalussy process), or by CESR (level 3). Expert groups are chaired by CESR Members, who also send national experts to participate in each SC. The Standing Committees work in an open and transparent manner in accordance with CESR's agreed consultation practices. On formation, the committee generally establishes a consultative working group of market participants (practitioners, consumers and end-users) to provide technical advice to the expert group during the drafting process. The market participants are experts drawn from across the European Member States. They are not intended to represent national or a specific firms interest and do not replace the important process of full consultation with all market participants. If new mandates are issued new SC or support groups can be formed and a new consultative working group is established if necessary.
The purpose of CESR's Standing Committees and groups is also to strengthen the network of regulators in a given area as agreed in a tailored set of terms of reference. Much of the work is therefore focused on producing work of a level 3 nature according to the Lamfalussy process. Initiatives carried out at level 3 will include efforts to strengthen co-operation between national regulators to ensure consistent and effective supervision of financial services activities, and enforcement of securities laws in Europe. As such, these SC may, for example, develop standards and guidance or share confidential regulatory information based on legal agreements under the Memorandum of Understanding. Where appropriate, a SC can invite external parties of other relevant supervisory authorities to participate as an observer.