On September 3, the European Union’s Committee of European Securities Regulators (CESR) published a progress report on the protocol for branch supervision which was introduced as part of the implementation of the EU Markets in Financial Instruments Directive (MiFID). CESR hasreported that 16 agreements for cooperation on the supervision of branches have been concluded between CESR members.

The protocol created two models for cooperation between CESR members: (i) joint supervision conducted through common oversight programs, or (ii) joint supervision through requests for assistance based on efficient allocation of supervisory tasks.