Changes to CESR structure; new CESR-Fin chairman

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07 Aug 2006

> The Committee of European Securities Regulators (CESR) has amended its (PDF 82k) to enable it to "shift its priorities to more operational tasks so as to deliver effective supervisory convergence across the EU".

Changes include:
  • a more straightforward decision making procedure, including the possibility to vote;
  • a mediation mechanism between members to facilitate a rapid outcomes;
  • the integration of the Review Panel into the Charter, which will permit a more thorough cross-examination of the way in which members apply the new legal framework;
  • a commitment to respect data protection rules when developing databases;
  • greater legal certainty of confidentiality to allow the secretariat to fully assist the members on operational issues.
CESR has also updated the (PDF 103k). CESR-Fin is the body within CESR that coordinates the operational activities of EU Member States for enforcing compliance with IFRSs. Also, John Tiner, Chief Executive of the UK Financial Services Authority, has stepped down as chairman of CESR-Fin. The new Chairman is Paul Koster, a member of the Executive Board of the Netherlands Authority for the Financial Markets. Here is the (PDF 82k).

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