CESR

The Securities and Exchange Commission and the Committee of European Securities Regulators (CESR) today convened a high-level meeting in Paris between SEC chairman Mary L. Schapiro, CESR Chairman Carlos Tavares, and the chairmen of 29 CESR member regulators to discuss regulatory reform efforts in the United States and the European Union.

CESR starts consulting on the development of a pan-European access to financial information disclosed by listed companies. The consultation paper discusses issues relating to the development of the network of officially appointed mechanisms for the central storage of regulated information (OAMs) in terms of search facilities and integration of the network.

CESR invites responses to this consultation paper by 24 September 2010. All contributions should be submitted online via CESR‟s website under the heading „Consultations‟.

CESR publishes today three consultation papers on its technical advice to the Commission. The papers are to be seen in the context of reviewing MiFID, the Markets in Financial Instruments Directive that entered into force in November 2007. The review includes proposed technical advice by CESR on investor protection and intermediaries (Ref. CESR/10-417), equity markets (Ref. CESR/10-394) and transaction reporting (Ref. CESR/10-292). CESR invites stakeholders to comment on all of the three consultation papers by 31 May 2010.

CESR published today a consultation paper on guidance how to report transactions on OTC derivative instruments. The consultations seeks vies by market participants on the proposed guidance by CESR.

Today's publication is accompanied by a feedback statement on the consultation on “Classification and identification of OTC derivative instruments for the purpose of the exchange of transaction reports amongst CESR Members” and a second paper summarising decision on the technical standards by CESR Members.

CESR publishes today its final report (Ref. CESR/09-348) and feedback statement (Ref. CESR/09-349) on the transparency of corporate bond, structured finance product and credit derivatives markets. CESR is of the view that current market-led initiatives have not provided a sufficient level of transparency. CESR considers that an increased level of transparency would be beneficial to the market and that a harmonised approach to post-trade transparency would be preferable to national initiatives taken in this area on the basis of the flexibility allowed by MiFID.

Marco Strimer, ceo at SIX x-clear commented "Managing risk is the most important function that a central counterparty (CCP) plays. And, it applies in exactly the same way for interoperability between two or more Clearing Houses linking up to each other. It is therefore understood by CCPs that competing on risk elements would be extremely damaging for market stability and defeat the objectives of a CCP to absorb risks in a professional manner.

On 13 February 2009 the European Commission submitted a provisional request to CESR for technical advice on the content of the implementing measures concerning the future UCITS recast Directive. The provisional mandate might have to be completed or supplemented following the adoption of the new Directive or where it would be useful to reflect new developments in areas covered by the mandate. Following this consultation, CESR plans to publish another consultation paper in July setting out its proposed advice.