Innovation and risk in EC financial market regulation: new instruments of financial market intervention and the Committee of European Securities Regulators

Discusses the regulation of EC financial markets in the period following the Financial Services Action Plan. Examines risks generated by the scale of the FSAP regulatory changes, and whether new types of intervention are developing to mitigate those risks. Focuses on the role and influence of the Committee of European Securities Regulators (CESR) at Level 3 of the Lamfalussy process, the CESR's constitutional basis, accountability and legitimacy risks, the MiFID Level 3 process, the European Parliament and Council Directive 2003/6 (Market Abuse Directive) Level 3 process, and the evolution of CESR's accountability model.