We would like to thank the members of the ESCB-CESR Task Force 1 who carried out the fact-fi nding exercise on national regulations, the results of which we used in Chapter 5. Special thanks go to Mrs Jennifer Boneham of the UK Financial Services Authority and to Mr Marc Peters of the Commission bancaire, fi nancière et des assurances/Commissie voor het Bank-, Financie-en Assurantiewezen (CBFA) of Belgium for their contributions and comments. We are also indebted to an anonymous referee who

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... ided us with very useful comments as well as suggestions on how to improve the presentation of the paper. The views expressed by the authors do not necessarily refl ect those of the European Central Bank.