IV While talking about work in CEBS, I mentioned the concept of “mediation”. This procedure originated in the securities field; in certain cases, mediation is governed by directives.
The Market Abuse Directive, for instance, envisages mediation by the “Committee of European Securities Regulators (CESR)” in the event that, in a case of suspected cross-border market manipulation, one of the responsible securities supervisors refuses to turn over the necessary information. MiFID calls for using mediation in disputes concerning determining the most liquid market for a given financial instrument.