Level 3

Kurt PRIBIL, Executive Director of the Financial Markets Authority (FMA), Austria.

Angie REEH

CESR-Pol is a permanent operational group within CESR and is composed of senior officials of each CESR member that are responsible for the surveillance and the exchange of information. The ability of CESR-Pol members to co-operate in the field of enforcement has been established by Members’ signature of the CESR multilateral Memorandum of Understanding on the Exchange of Information and Surveillance of Securities Activities ("MoU") in January 1999.

The purpose of CESR-Pol is to facilitate effective, efficient and pro-active sharing of information, in order to enhance the co-operation and the co-ordination of surveillance and enforcement activities between CESR members. CESR-Pol’s key objective is to make cross-border information flow equally rapidly amongst CESR members as it would in a domestic matter and, by so doing, enhance the transparency, the fairness and the integrity of the European markets as a whole (terms of reference on the organisation and functioning of CESR-Pol; CESR/06-114).

CESR-Pol will also focus on the effective implementation of the Market Abuse Directive, including the establishment of a database identifying ‘accepted market practices'.

Revised operation structure

In October 2005, CESR-Pol revised its organisation to achieve a more operational structure. The concept foresees retaining the CESR-Pol plenary as the core group which will remain the forum for policy discussion relating to cooperation and enforcement issues generally. However, to ensure greater operational focus, a permanent working group on Surveillance and Intelligence (S&I group) was established to foster simultaneous and comprehensive intelligence sharing and discussion of practical issues of concern arising in relation to day-to-day supervision of firms and markets, as well as sharing of intelligence on both regulated and unauthorised activities and any particular themes of practical significance. Discussions will aim at being both contemporaneous and comprehensive to derive the maximum benefits of cooperation and coordination.

The S&I group is chaired by Regina Schierhorn, the Head of the Investigation of Market Manipulation Division at the BaFin.

The S&I group developed a work programme for 2006 on the basis of the key elements that are outlined in the Revised Operational Structure paper:

a. Experiences with types of market abuse and possible consequences, i.e. insider dealing rings and market abuse in shares with low liquidity was given high priority;

b. Sharing information on working methods, e.g. on new investigation techniques or information sources;

c. Issues of common concern, i.e. the handling of disclosure duties of market participants in order to profit from the safe harbours provided by EURegulation 2273/2003 will be dealt with;

d. Discussion of cross border cases in order to alert other Members of important developments on the markets; and

e. Information on public guidance/guidelines issued in Member States.

19 Dec. 2008
Call for evidence - Regulation of short-selling by CESR Members
18 Nov. 2008
Agenda - Open hearing on MAD Level 3 - Third Set of CESR Guidance and Information on the Common Operation of the Directive to the Market
03 Oct. 2008
Consultation paper - MAD Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market
20 May. 2008
Consultation paper - Market Abuse Directive Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market
28 Feb. 2008
CESR Executive summary to the report on administrative measures and sanctions as well as the criminal sanctions available in Member States under the Market Abuse Directive