1 What is CESR? The Committee of European Securities Regulators (CESR) was established in 2001 by t...
1 What is CESR? The Committee of European Securities Regulators (CESR) was established in 2001 by the European Commission. It was created as a result of Baron Alexandre Lamfalussy's review of the EU legislative system for securities. Lamfalussy is a prominent European central banker. This resulted in a four-level process being established for the development of securities legislation. 2 What are these levels? • Level 1 sets out the high-level objectives of the legislation. • Level 2 sets out the technical requirements necessary to achieve these objectives. • Level 3 covers com...
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