09 February 2007

CESR Level 3 Guidelines and Recommendations on Publication and Consolidation of Market Data

CESR issued a first set of CESR Level 3 guidelines and recommendations on publication and consolidation of market data to facilitate the understanding of certain requirements of the MiFID on the publication and consolidation of market information. They are intended to facilitate a consistent implementation of the concerned provisions, without imposing further obligations on investment firms, MTFs or regulated markets.

The purpose of these guidelines and recommendations would be in helping investment firms, MTFs and regulated markets to assess the way in which these provisions are interpreted by competent authorities. They should also be understood as a safe harbour to ensure that investment firms, MTFs and regulated markets fulfil their respective obligations when following the proposed guidelines and recommendations.

The guidelines and recommendations are, therefore, designed to ensure that the implementation and application of the Level 1 Directive and the Implementing Regulation is consistent across the EU but also, as a result of the prior public consultation process that has been followed, that views from market participants are taken into consideration.

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CESR's Level 3 Guidelines and Recommendations on Publication and Consolidation of markets data
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