College of Euronext regulators
The CMVM and the Belgian (FSMA), British (FCA), Dutch (AFM), French (AMF) and Norwegin (FSA) financial market authorities are involved in the regulation, supervision, and oversight of the Euronext Group with a view to ensuring a coordinated approach to the exercise of their respective powers and responsibilities. These national competent authorities’ group is known as the Euronext’s College of Regulators (CoR).
For the above mentioned purpose, the CoR set up a Memorandum of Understanding (MoU) in order to define how they exercise their responsibilities with respect to the co-ordinated regulation and supervision of the regulated markets operated by the Euronext Group (i.e. Euronext Lisbon, Euronext Amsterdam, Euronext Brussels, Euronext London and Euronext Paris) on a co-operative basis with a view to ensuring a common regulatory approach. This common regulatory approach is performed by agreeing to cooperate on matters of mutual interest with a view to implementing a common regulatory approach where possible, without prejudice to each other's domestic competencies and responsibilities and subject to any laws or regulatory requirements in force in, or applying to, their respective jurisdictions.
In order to implement the MOU, and to discuss and agree upon a common approach to issues of mutual interest, the CoR meets at Chairmen’s Committee level, at Steering Committee level, and at Working Party level, on a periodic and ad hoc basis.
The Chairmen’s Committee is composed of the Chairmen (or other nominated senior staff) of the national competent authorities and it is ultimately responsible for the discharging of the responsibilities within the MOU. All conclusions and resolutions of the Chairmen’s Committee are taken by consensus and each member of the Chairmen’s Committee undertakes to ensure consistency of decisions between the conclusions and resolutions of the Chairmen’s Committee and his local Board and/or other relevant decision making committee as necessary, and/or to any other relevant Competent Authority, where a decision by the Board and/or such other committee and/or Competent Authority is necessary to give the conclusion or resolution legal effect in the relevant jurisdiction.
The Steering Committee is composed of a nominated senior staff representative of each of the national competent authority which reports to the Chairmen’s Committee. The Steering Committee supports, assists, and implements the decisions made by the Chairmen’s Committee. The Chairmen’s Committee may delegate tasks and/or decisions to the Steering Committee, and in turn the Steering Committee may delegate tasks and/or decisions to the Working Parties. The Working Parties comprises representatives of each national competent authority, and is set up by, and accountable to, the Steering Committee. The Working Parties are involved on a variety of operational issues relevant to more than one of the national markets, and provides recommendations for decision at Steering Committee level.
The CoR’s chairmanship is held by each national competent authority on a turnover basis each semester.
The CoR at its different levels meets on a regular basis with the correspondent levels of the Euronext group.