03 February 2005

FESE response to CESR’s Consultation on Market Abuse Directive

The Federation of European Securities Exchanges (FESE) released its response to the CESR Consultation paper on the common operation of the Market Abuse Directive, supporting the idea that each CESR Member should consult nationally and with other competent authorities and has to disclose any market practices that they have accepted. FESE states that CESR to elaborate further the concept of accepted market practices to ensure the smooth functioning of markets.

A description of accepted market practices shall be as precise as possible to ensure an adequate level of legal certainty. FESE urges for further extension of the list of factors and a further elaboration of their rationale in order to achieve an adequate description of the accepted market practices and their common understanding.

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