10 March 2003

Commission Working Documents on Implementing Measures of Market Abuse Directive

The European Commission published three working documents on the implementation of the Market Abuse Directive. The documents have been drawn up following advice given to the Commission by the Committee of European Securities Regulators (CESR) at the end of 2002, are not formal Commission proposals, and do not have the status of a Commission official draft for implementing measures.

The documents are part of the agreed Lamfalussy procedure and cover the following implementing measures:

definitions of inside information and market manipulation as well as public disclosure of inside information by issuers (Articles 1 and 6, paragraphs 1 and 2 of the Directive);

fair presentation of recommendations and disclosure of relevant interests or conflicts of interest (Article 6, paragraph 5 of the Directive);

the so-called 'safe harbour' - i.e. the conditions for the exemptions from the prohibitions of insider dealing and market manipulation in specific cases (Article 8 of the Directive).

Any technical drafting comments should be sent to the Commission to Markt-ESC@cec.eu.int. All comments sent to the Commission will be made public.

Iimplementation of Article 1 and Article 6 paragraphs 1 and 2
Iimplementation of Article 6 paragraph 5
Implementation of Article 8

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