According to the Federation of European Securities Exchanges (FESE) Europe’s financial services industry needs a European ombudsman to oversee cross-border disputes between businesses and national regulators.
FESE believes that the ombudsman system would provide a speedy and cost-effective mechanism of dealing with problems caused by the uneven enforcement of EU rules and regulations by national regulators. In the medium-term an ombudsman would help create a level playing field for all financial services firms.
The ombudsman would:
initially examine a firm’s grievances, judging them on their cross-border character and importance to the efficient functioning of European capital markets.
then (anonymously) transmit his appraisal of the case to CESR. CESR would be required to respond within 3 months.
discuss CESR’s response with the aggrieved party and within three months publicly publish a reasoned response to the case.
CESR and its national regulator bodies must be parties to the ombudsman statute and commit themselves to implement any decisions, unless specifically prohibited by law. The ombudsman should also be accountable to EU institutions – he or she should deliver an annual report to the Commission, the Council and the European Parliament and be prepared to attend relevant European Parliament hearings.
FESE proposal
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