-Since the ISD was adopted in 1993 a number of important developments in the capital markets have taken place at both European and world level. Based on the experience accumulated by Member States and the industry, and the work of FESCO (the Forum of European Securities Commissions), which has two working groups directly related to the ISD (on conduct of business rules; and on standards for regulated markets), the Green Paper will analyse the need to :
modernise some of the Articles in the directive;
complement some perhaps unsatisfactorily defined items;
clarify the grey areas which give problems of interpretation;
evaluate related topics currently included in other securities markets directives.
Assessment of the directive should be forward-looking, in particular assessing whether the ISD is appropriate for fast-changing market practices and whether the ISD provides a regulatory framework for investment service providers conducive to an efficient European Capital market that is truly competitive in international terms, and in particular to the emergence of integrated EU trading platforms.
The objective of technical discussions in the Forum Group is neither to “negotiate”, nor to present “positions” of EU representative bodies or markets on specific issues. Individuals on the Group will be expected to provide specific, unbiased, concrete and detailed technical input from a market perspective.
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