Financial Services: Initial report of the Committee of Wise Men on the Regulation of European Securities Markets

The Committee of Wise Men on the Regulation of European Securities Markets under the chairmanship of Alexandre Lamfalussy, has published its interim report. The Committee was established by ECOFIN on 17 July, with a mandate to assess the current conditions for the implementation of the regulation of securities markets in the European Union. It was asked to assess how the mechanism for regulating those markets can best respond to developments, and, in order to eliminate barriers, to propose scenarios for adapting current practices to ensure greater convergence and co-operation in day-to-day implementation. The Committee's final report will be presented in mid-February 2001 in advance of the Stockholm European Council on 23/24 March.