Carlos Tavares, chairman of the Portuguese Comissão do Mercado de Valores Mobiliários regulatory body, has been named as chairman of the Committee of European Securities Regulators (CESR). Jean Guill, director general of the Luxembourg Commission de Surveillance du Secteur Financier has been chosen as vice chair of CESR.
The new appointments come as CESR, which was established to harmonise European securities regulation, prepares to become the European Securities and Markets Authority (ESMA), an EU authority with increased powers intended to standardise the regulation of European financial markets.
Both appointments take effect on 1 August, and last for two years. The new ESMA is expected to come into being in January 2011. Tavares takes over from Eddy Wymeerch, who has chaired CESR since February 2007.
Tavares commented, “It is a great honour to chair CESR at such a significant moment in the history of the Committee. Eddy has steered the Committee with great wisdom through challenging times in the regulation of securities markets, given the great turbulence we have experienced in financial markets over this period.
“A great deal has been achieved and yet more remains to be done as we approach the final hours in the adoption of deep reforms in the regulation of financial markets. I am confident that the internal work already underway will have stood us in good stead to prepare a steady and seamless transition,” he added.