About Us
This page includes a description of:
  • Expert groups (including a link to our consultation practices) and how they are organised and work;
  • Operational groups: how they are organised and work.
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 Expert or Permanent Groups.
CESR has established a number of expert groups 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 the head of one of the CESR members. CESR Members send national experts to participate in each expert group. The expert groups work in an open and transparent manner in accordance with CESR's agreed consultation practices. On formation, the group 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. The expert group is generally disbanded upon completion of the mandate. If new mandates are issued a new expert group is formed and a new consultative working group is established if necessary.
CESR has established a number of operational groups. The purpose of an operational group is to strengthen the network of regulators in a given area as agreed in a tailored set of terms of reference. An operational group is chaired by a senior representative of a CESR member. Much of the work of an operational group is therefore focused on producing work of a level 3 nature according to the Lamfalussy process. Initiatives carried out by level 3 groups 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 groups may, for example, develop standards and guidance or share confidential regulatory information based on legal agreements under the Memorandum of Understanding. Where appropriate, an operational group can invite external parties of other relevant supervisory authorities to participate as an observer. Where an operational group has prepared standards, guidelines or recommendations, CESR's consultation practice applies.