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CESR issued its guidance on insiders lists and suspicious transaction reporting as part of a forthcoming wider consultation on the level 3 of the Market Abuse Directive, and asking market participants to indicate if there are any further issues for consideration.
CESR announced to conduct the consultation process in two phases.
- A first consultation paper will cover the topics on insider lists and Suspicious Transactions Reporting (STRs) and will be published for consultation over summer.
- A second consultation paper dealing with the topics on stabilization and the notion of inside information shall be published later this year.
Two more subjects that have been identified in the work programme for further guidance, i.e. the mapping of the existing thresholds in Member States and other practices regarding directors' dealings as well as possible guidance on the definition of inside information with regard to commodity derivatives to the extent possible, have not been considered as having the same priority level and will be addressed at a later point of time.
Deadline for responses is