# Commission Decision of 30 March 2006 setting up a European Securities Markets Expert Group to provide legal and economic advice on the application of the EU securities Directives (2006/288/EC), Article 2: Task

Extent: E+W+S+N.I.

The group shall:
provide advice to the Commission for its analysis of the legal coherence of the EU framework and, where appropriate, its implementation in national law, by carrying out a sectoral consistency check of the EU securities directives, reading across the relevant law to identify — from the perspective of the regulated community and users of the securities markets — points of legal uncertainty in the legislative framework which impair the functioning of those markets;
assist the Commission by providing advice that will contribute to the Commission’s reports on the application of various provisions of Directive 2004/39/EC, Directive 2003/71/EC and Directive 2004/109/EC and on the operation of Directive 2003/6/EC. The advice of the group will also require an analysis of the economic impact of those Directives;
provide technical advice on the Commission’s request on issues of contemporary relevance in the EU securities markets, such as credit rating agencies and financial analysts. As regards credit rating agencies, the Commission intends to gauge the opinions of market participants, and especially those purchasing complex financial instruments, by requesting advice of the group on specific issues related to the functioning of credit rating agencies. In relation to financial analysts, the group could be asked for its views as to whether the existing regulatory requirements are adequate.
The group shall report regularly to the Commission summarising its analysis and advice. The Commission is not bound by the advice of the group and the advice is without prejudice to the advice of other Commission expert groups on related issues covered by the mandate. The group will ensure appropriate coordination with those other relevant Commission expert groups in order to avoid duplication of work.

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Source: https://www.legislation.gov.uk/eudn/2006/288/article/2 (the official version)
Page: https://openlegislation.uk/eu-decision-2006-288/article-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.