17 September 2007

EBF response on CESR Call for Evidence on Transparency Directive

The EBF issued its response to the CESR call for evidence on the possible Level 3 work on the Transparency Directive noting that they have been disappointed about the lack of coordination in the timelines of national implementation as well as about the inconsistent application and lack of clarity in the implementation of the Directives. FBE finds it all the more important for CESR to give at this stage thought to ways of enhancing the convergence in national implementation.

This work should start as early as possible and should in principle aim to prevent that these divergences arise in the first place.

FBE mentions three priority issues for CESR to work on:

Conflicts of competences between authorities linked to Article 21 of the Transparency Directive.

Information requirements pursuant to Article 16 of the Transparency Directive where difficulties have in particular become apparent as regards the scope of ‘loan issues’, the required level of detail, and changes in the rights of securities.

There is evidence that there are wide divergences in the application of the thresholds of the Directive.

With regard to CESR’s Question 4, FBE believes that there could be merit in examining the possibility of central mechanisms for the storage and filing of information further.

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