In particular, the ECB follows closely the work of the European Securities Committee (ESC) and the CESR which play an important role in assisting the Commission in shaping the regulatory framework in the securities field.
Priorities in the areas of financial regulation and supervision The level of integration of securities markets, including market infrastructures in both the trading and post-trading areas, has increased significantly since the introduction of the euro. Given this substantive progress, it is important that integrated markets develop on the basis of a sound framework for financial regulation and supervision.