21 February 2008

CESR feedback statement on call for evidence on Transparency Directive

CESR issued a feedback statement on the call for evidence on the possible CESR level 3 work on the Transparency Directive (TD).

Several respondents argued that any assessment on the concrete functioning of the TD seems to be premature. Therefore, CESR should not undertake at this stage any level 3 work. However, most respondents have identified practical problems that would require CESR’s action in order to promote a consistent application of the Directive.

CESR noted that there is general support for the Q&A format. Some respondents further pointed out that the format should depend on the issue concerned. CESR was encouraged by some associations to consult with stakeholders (this could be done by different means) before adopting any level 3 measures.

On CESR’s role to facilitate the establishment of an EU network of national storage mechanisms there were split views. Several respondents were against the setting up of an EU network as information posted on their companies’ websites is sufficient or because it is still premature. Other respondents claimed that CESR should not do anything in the absence of a binding legislative measure. Other market participants requested clarifications on the CESR’s role and on the involvement of private entities to operate the network. Finally, a number of respondents were in favour of CESR’s role facilitating the establishment of the EU network.

CESR’s reaction to the consultation

One key concern raised by market participants is the lack of centralised and accurate information about how the Directive has been implemented across the EU. CESR will publish the centralised information about implementation during 2008.

The CESR Transparency Experts group will discuss the issues previously put forward by the competent authorities and also those raised by respondents to the CESR call for evidence to reach common approaches where possible and/or to exchange views about the different practices. CESR intention to publish regularly the outcome of the group’s discussions, normally in a Q&A fashion.

CESR has decided to set up the EU network of national storage mechanisms using the CESR MiFID database that is already running at its website.

Feedback statement

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