The Committee of European Securities Regulators (CESR) has published a note entitled A proposed evolution of EU securities supervision beyond 2007. In this note CESR sets out possible ways and means by which it can build on its role to improve co-ordinated and convergent supervision of securities activities in Europe. The proposal published by CESR should be read in conjunction with the joint Consultation Paper of the 3 Level 3 Committees defining cross-sector key working priorities for the next 2-3 years and underlining supervisory issues that CESR has in common with CEBS and CEIOPS. The proposals put forward by CESR include the following:
- Extending national supervisors’ obligations to co-operate within the European Union, as laid down in Directives, by an express reference to the co-operation with a view to attaining supervisory convergence at the EU level.
- The explicit recognition of CESR in European Directives and Regulations.
- Examining whether further convergence might be achieved in harmonising the use of - and possibly abolishing some - options and national discretions granted by the Directives in the securities field.
- Include in the Charter of the Committee a gradual set of enforcement instruments in case of member non-compliance which is based on the association character of CESR. These sanctions would be essentially ‘reputational’ and include public naming of non-compliant members.