The Committee of European Securities Regulators (CESR) has published a press release which reports on the progress made under the protocol for the supervision of branches in the context of the Markets in Financial Instruments Directive (MiFID).
After the implementation of MiFID on 1 November 2007, 16 agreements for co-operation on the supervision of branches have been concluded between CESR Members.
The protocol created two models for co-operation between CESR Members. Co-operation can either be in the form of joint supervision conducted through common oversight programmes, or through requests for assistance based on efficient allocation of supervisory tasks. The second model is general in nature, while the first allows supervisors to adopt a tailored agreement for particularly important branch operations.
View MiFID: CESR Members enhance supervisory co-operation for branch supervision, 3 September 2008