Committee of European Securities Regulators
|European Securities and Markets Authority
|Steven Maijoor Chair-elect, Carlos Tavares Vice-Chairman
|Securities market regulation
The Committee of European Securities Regulators (CESR)  was an independent committee of European securities regulators, consisting of European Union member countries, as well as those of Norway and Finland. CESR ceased to exist on January 1, 2011, when it became part of the newly created European Securities and Markets Authority (ESMA).
The Committee was established under the terms of the European Commission's Decision of June 6, 2001. It is one of two committees envisaged in the Final Report of the Committee of Wise Men on the regulation of European securities markets, chaired by Baron Alexandre Lamfalussy. The report is endorsed by Heads of State in the European Council and the European Parliament.
The role of CESR was threefold:
- Improve coordination among securities regulators by developing operational network mechanisms to enhance day-to-day consistent supervision and enforcement of the Single Market for financial services.
- Act as an advisory group to assist the EU Commission in its preparation of draft implementing measures of EU framework directives in the field of securities.
- Work to ensure more consistent and timely day-to-day implementation of community legislation in the Member States. This work is carried out by the Review Panel under the leadership of CESR's Vice Chairman Carlos Tavares, and by two operational groups: CESR-Pol and CESR-Fin.
- CESR in Short. Committee of European Securities Regulators.