The Council has particularly high expectations for OTC markets and CESR's contribution to the related aspects of the MiFID review, the Working Group on Derivatives, and its help with and advice on trade repositories and central counterparties.
As regards regulatory initiatives in response to the financial crisis, the Commission may consider putting forward legislative amendments to the recently published Regulation on Credit Rating Agencies (CRAs). The Council is pleased to note that CESR/ESMA and national supervisors will give high priority to the overall implementation of the regulation. Regarding OTC markets, the Council has particularly high expectations with regard to CESR's contribution to the related aspects of the MiFID review, its work in the Working Group on Derivatives, and its help with and advice on trade repositories and central counterparties. Moreover, CESR's timely technical assistance and advice on specific proposals such as UCITS IV, the review of MiFID, work on directors' compensation and the review of the Market Abuse and Transparency Directives (among others) is crucial for the drafting of well-founded legislative proposals. CESR's work on ensuring the consistent implementation of EU legislation, including IFRS, is also crucial to the good functioning of the internal market.
The Council is fully committed to contributing shaping and implementing the G20 agenda which, in conjunction with the Basle Committee’s ongoing work on Banking Supervision, will result in legislative proposals aimed at strengthening the resilience of the banking sector. CEBS's support will be crucial in evaluating the impact on European banks of the policy measures (such as those on capital and liquidity requirements) that are being developed internationally.
It is essential that the strength of the European banking system’s balance sheets be maintained, and that the quality of its assets be closely monitored so that adequate levels of capital are kept at any given time. In this context, CEBS should do its utmost to conduct its next stress-testing exercise with the aim of helping to assess the degree of dependence of EU banks on public support and bank lending capacity, which are to be essential inputs when considering potential exit strategies.
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