FESE: Open Letter from European Exchanges to the European Institutions and CESR

15 December 2004

The Federation of European Securities Exchanges published an Open Letter with regard to the Market Abuse Directive as the first Directive entering into the level III stage. Its significance lies hence not only in its substance but also in procedural aspects of its implementation and application, as it will serve as a precedent for other FSAP legislation.

To avoid an overlap of supervision, FESE states that it must be possible that in each country the distribution of the supervision tasks is arranged between them in full co-operation. FESE also underlines a need for harmonisation and consistent wording in national legislations.

The Federation advocates a system of open lists based on decisions and positions taken by regulators and/or courts which could be regularly updated by simple publication on CESR’s website.

FESE stresses a need to ensure that a high level of consistency is reached across Europe on the operational issues with regard to insider lists and urges all institutions involved to avoid overregulation.

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