European context

  • EU Commission: Driving force behind harmonisation, initiator of Giovannini Reports, lead in CESAME Group, LCG and FISCO Group
  • CESAME Group: Clearing and Settlement Advisory and Monitoring Expert Group, coordinates and monitors the dismantling of the Giovannini Barriers
  • Legal Certainty Group: Expert group, advises the EU Commission on questions of legal certainty in connection with the dismantling of the Giovannini barriers
  • FISCO Group: Fiscal Compliance Group, expert group, advises the EU Commission with regard to tax issues in connection with the dismantling of the Giovannini barriers
  • EALIC: European Association of Listed Companies, works out standards for the dismantling of Giovannini barrier 3, above all with regard to the organisation of general meetings
  • EBF: European Banking Federation, works out standards for the dismantling of Giovannini barrier 3 (together with EALIC, ECSDA und ESF)
  • ECSDA: European Central Securities Depositories Association, works out standards for the dismantling of barriers 4 and 7, barrier 3 (together with EALIC, EBF and ESF) and barrier 6, Matching Harmonisation (together with ESF)
  • ESF: European Securities Forum, works out standards for the dismantling of barrier 3 (together with ECSDA and EBF) and barrier 6, Matching Harmonisation (together with ECSDA)
  • MIG: Market Implementation Groups, responsible for implementation of the standards in their own markets