CESR has published a half-yearly update on its activities. The report covers work conducted by CESR from January to June 2010; all work conducted after this, is referred to in the report as "next steps".
In the report, CESR's work to date in 2010 is divided into two areas: firstly, work to develop technical advice and guidance already initiated and, secondly preparatory work on implementing and designing future policies and procedures for ESMA, the European Securities and Markets Authority which CESR is due to become in 2011.
Key activities in the policy area include a review of MiFID, aiming at improving the functioning of secondary markets and the consultations undertaken to look the legal framework for equity and non-equity equity instruments, dealing also with pre- and post-transparency and transaction reporting. Other activity includes the introduction of a pan-European disclosure regime for short positions, and preparation for the implementation of the Credit Rating Agencies (CRAs) Regulation. CESR also began building the central repository for CRAs, a database that ESMA will run to keep statistical historical ratings as set out in the Regulation and published further guidance on how it will function. CESR has also been involved in assessing the equivalence of third countries and CESR published its technical advice on the equivalence of both the US and the Japanese legal framework for CRAs.
In terms of the transition of CESR to ESMA, CESR reviewed how it was structured to deliver its technical work, putting the appropriate internal framework in place, to ensure continuity and a smooth transition to ESMA and it began planning for a potential adoption of the proposals to establish ESMA.