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15 April 2003

Consultation paper on second set of implementing measures on Market Abuse





CESR publishes a consultation paper on its proposed advice to the European Commission on a second set of technical implementing measures for the Directive on Market Abuse. The advice, once finalised, will complement the initial Level 2 technical implementing measures.

The paper deals with five additional areas of the Directive which require technical implementing Measures, which are:

  • The definition of Accepted Market Practices
  • The definition of Inside Information for Derivatives on Commodities
  • The requirement on issuers, or entities acting on their behalf, to draw up lists of insiders
  • The requirement on those with managerial responsibilities to disclose their transactions
  • The requirement on persons professionally arranging transactions in financial instruments to notify the competent authorities of suspicious transactions

    CESR’s advice has been developed by the expert group responsible for the first advice to the Commission. The consultation period will run until 15 June 2003. CESR will organise an open hearing on the paper in Paris on 12 May to permit interested parties to clarify or discuss points directly with the expert group. It is anticipated that there will also be a number of open consultations held at national level.

    CESR will finalise its advice on the basis of input received from interested parties during the consultation period and in conjunction with the CESR Chairmen. The European Commission has requested final input by 31 August 2003.

    Consultation paper

    © CESR - Committee of European Securities Regulators


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