The European Commission has announced it is to create a new European Securities Markets Expert Group (ESME) to be responsible for monitoring the implementation of the European Union’s Securities Directives.

The Group, which will include high-level practitioners with legal or commercial experience who are directly affected by the EU legislative framework, has been formed as part of the Better Regulation agenda. Its remit will be to examine whether the EU’s Securities Directives, including the much-maligned Markets in Financial Instruments Directive (MiFID), are fulfilling their intended objectives and propose changes where necessary.

Addressing the purpose for the new expert group, Internal Market and Services Commissioner, Charlie McCreevy said: "Europe needs a world-class regulatory framework for securities – business driven, efficient, and with strong investor protection. The basic framework is nearly in place. This new expert group will help us to find out how it works on the ground and will provide us with input on contemporary market developments that may require special attention. It is vital that the group is made up of top-class people with the right depth and breadth of experience. I urge all suitably qualified candidates to apply to take part in this important work."

ESME will have three primary functions:

• To assist the EC in its analysis of the legal coherence of the EU securities framework
• To provide the EC with input for the reports on the application of various provisions of MiFID, the Prospectus Directive, the Market Abuse Directive and the Transparency Directive and to analyse the economic impact of those Directives
• To provide technical advice on issues of contemporary relevance in EU securities markets, such as credit rating agencies and financial analysts

Interested candidates are invited to send an application to the Commission before 30 April 2006. Further information on the European Securities Markets Expert Group is available from the EU website.