4Commission Communication, Financial Services: Implementing the Framework for the Financial Markets: Action Plan, COM (1999) 232 final, May 11, 1999.
5Final Report of the Committee of the Wise Men on the Regulation of European Securities Markets, Brussels
6Commission Staff Working Document, The Application of the Lamfalussy Process to EU Securities Markets LegisLation, A Preliminary Assessment by the Commission Services, 15.11.2004, SEC (2004) 1459, pp. 14-15.
7CESR has launched a major consultation to clarify the specific content of both Level 3 and Level 4 processes. See CESR, Preliminary Progress Report, "Which Supervisory Tools for the EU Securities Markets? An Analytical Paper by CESR, October 2004, CESR 04-333f.
8Emilios Avgouleas, A Critical Evaluation of the New EC Financial- Market Regulation: Peaks, Troughs, and the Road Ahead, Transnat'l Law, 2005, p.191.
9IOSCO, International Disclosure Standards for Cross-Border Offerings and Initial Listings by Foreign Issuers (Sept. 1998), available at http://www.iosco.org/ library/pubdocs/pdf/IOSCOPD81 .pdf, last visited on March 12, 2007.