AMF calls for a deeper and more effective harmonisation of the implementing measures for European Single Market legislation, based on enhanced powers for CESR with regard to coordination and standardisation.
The AMF calls for a deeper and more effective harmonisation of the implementing measures for European Single Market legislation. This should be based on enhanced powers for CESR with regard to coordination and standardisation, the AMF states.
The primary objective of a more powerful CESR would be to ensure harmonised enforcement of EC legislation through Level 3 technical provisions. These standards should promote convergence of supervisory practices based on a common interpretation of European legislation and regulations, without undermining the higher level texts. It is important for CESR to play a larger role in coordinating the work on transposing Directives.
Level 3 measures need to be made binding for this purpose, either by enhancing CESR’s institutional status or by creating a process whereby the European Commission approves Level 3 measures by means of a Decision or Recommendation that complies strictly with the Level 1 and Level 2 legislation.
At the operational level, the European Union must put in place credible and effective tools for financial market regulation that provide a high degree of protection for investors and make European markets more attractive, all the while contributing to the international regulation process.
© AMF - Autorité des Marchés Financiers
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