FESCO agrees draft charter for European regulation
EUROPEAN UNION – FESCO, the Forum of European Securities Commissions (FESCO) has agreed on a draft charter to compliment the operational arrangements laid down in the Lamfalussy report for a Committee of European Securities Regulators.
The committee, which will report to the European parliament, will hold its first meeting on September 11, to formally approve the FESCO charter.
The role of the committee will be to advise the European commission on securities policy issues and respond to mandates in respect to the preparation of implementing measures.
It will also develop mechanisms to promote consistent day-to-day regulatory practices, according to FESCO.
Chairman of FESCO, Georg Wittich, says: “ This new charter reflects the wish of the network of national securities regulators, that have successfully worked within FESCO in the last three years, to go a step further and fully play the role assigned to them in the Lamfalussy report, the Stockholm resolution of the European council, the March resolution of the European parliament, and the recent decision of the European commission.”
Prior to the first meeting, each member state will appoint a representative from the competent authorities in the securities field to join the committee meetings. Other countries within the European Economical Area, Iceland, Liechtenstein, Norway and Switzerland, will also participate in the meetings but will not take part in decision-making.
The European commission may also participate actively in all debate, except when the committee discusses confidential cases.
The budget of the committee will be based on annual contributions paid in by the members.