The Exchange has responded to the online consultation held by the European Commission on the report of the Securities Expert Group. The expert groups on banking, insurance, securities, and asset management were set up in October 2003 to help the Commission assess the state of integration of European financial markets and determine possible future priorities. The reports were published for open consultation in May 2004 and following the deadline on 10 September, the Commission will analyse the responses received and produce a document providing feedback.
Our response supports the key findings of the report, which seem to be:
support for the continuation and extension of the Lamfalussy process,
a shift in emphasis to implementation and enforcement - ensuring that Level 3 and 4 are made to work effectively, reducing new legislation and ensuring that any new legislation is evidence-based and subject to a regulatory impact analysis, and development of fast-track solutions to remedy bad legislation. Our response identifies the key areas that we feel need further attention as: clearing and settlement, corporate governance, real time market monitoring, and dissemination of corporate information.
The reports and further background information can be found at: http://europa.eu.int/comm/internal_market/en/finances/actionplan/stocktaking.htm