CESR appoints new head and deputy
The Committee of European Securities Regulators has promoted its vice-chair, Carlos Tavares, to chairman, and appointed Jean Guill as his replacement, effective August 1. Tavares is chairman of Comissão do Mercado de Valores Mobiliários, the Portuguese regulator. Guill is director-general of Luxembourg’s Commission de surveillance du secteur financier.
The body hopes the appointments will ensure a smooth transition for CESR as it prepares to become the European Securities and Markets Authority (ESMA), an EU pan-regulatory force with increased powers.
Under the CESR charter, the positions are held for two years. It is likely on this occasion, however, that the creation of ESMA - expected to take effect in January 2011 - may result in a shorter term being served.
“It is a great honour to chair CESR at such a significant moment in the history of the Committee,” said Tavares....