CESR published a call for advice on non-equity market transparency adding to the forthcoming Commission report to the European Parliament and the Council on the possible extension of scope of the pre and post-trade transparency obligations under
MiFID to transactions in classes of financial instruments other that shares.
CESR invites to submit views regarding transparency on bond markets and especially in relation to the following six questions:
Does CESR consider there to be convincing evidence of market failure with respect to market transparency in any of the instrument markets under review?
What evidence is there that mandatory pre- and post-trade transparency would mitigate such a market failure?
To what extent can the implementation of MiFID be expected to change this picture?
Can CESR indicate and describe a significant case or category of cases where investor protection has been significantly compromised as a result of a lack of mandatory transparency?
Could it be feasible and/or desirable to consider extending mandatory transparency only to certain segments of the market or certain types of investors?
What criteria does CESR recommend should be applied by the Commission in determining whether self-regulatory solutions are adequate to address any of the issues above?
CESR points out that it does not intend to duplicate the work of the Commission. Therefore there is no need to re-submit those responses which were sent to the Commission.
CESR response is requested by the end of June 2007.
CESR intends to organise a public consultation together with a public hearing. An indicative work-plan is attached.
Deadline for responses is 6 March 2007.
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© CESR - Committee of European Securities Regulators
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