-According to
FESE the review of the ISD should strive to combine successful elements from the existing ISD with new elements of financial markets regulation with appropriate incentives and measures to ensure proper implementation on a national level.
FESE repeats that it is important that a level playing field be created between all those who provide financial market services in Europe but that must not be misunderstood as a call to abolish all possibilities of market-led definitions, structures, and forms of organisation.
The concepts as presented in the Consultation Document tend lean too strongly on legislative and regulatory approaches.
FESE Members fear that in some areas the degree of interference with the functioning of markets by the Commission and/or
CESR may go unnecessarily far without any potential for benefit for market participants, issuers, investors, and market operators themselves.
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