The Committee of European Securities Regulators has promoted its vice-chair, Carlos Tavares, to chairman, and appointed Jean Guill as his replacement.
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
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.