Press Release: Financial services: Commission sets up expert group on legal certainty issues in clearing and settlement

The European Commission's EU Clearing and Settlement: Legal Certainty Group held its first meeting in Brussels on 31 January 2005. The Group was set up to analyse issues of legal uncertainty relating to the integration of EU securities clearing and settlement systems, and advise the Commission accordingly. The Group was chaired by the European Commission. It was composed of around 30 legal experts drawn from academia, the public and the private sectors, whose membership is personal, and not representative. A driving force in the composition of the group was the desire to capture expertise, and thus to identify the membership without regard to affiliation.