The London Stock Exchange has responded to CESR’s consultation on the establishment of a mediation mechanism. We are supportive of the use of an effective mediation mechanism to resolve disputes between national regulators in a quick and cost efficient manner. However, in order to achieve this, it is vital that the mechanism is impartial, efficient, transparent and flexible. In particular, the mechanism should:
- focus on discussion of practical problems rather than complex legal interpretation;
- take account, where possible, of the views of market participants;
- be a single procedural framework with a short and clear timetable; and
- be transparent as regards the commencement and outcome of proceedings.
The original consultation paper can be found at: www.cesr-eu.org