CESR consultation on implementing measures of Transparency Directive

31 January 2006

CESR issued a consultation paper which focuses on the provisions of the Transparency Directive relating to the storage and filing of regulated information by issuers admitted to trading on regulated markets. The consultation paper contains three parts. On the minimum quality standards of the national storage systems CESR sets out some minimum ‘quality standards’ which includes among others the assurance of adequate security of the IT systems, and certainty as to the information source.

The second part of the mandate, deals with the architecture of the EU network of national storage systems (national OAMs). CESR presents four possible network models as a basis for its work on developing a system which can link the national OAMS, these models range from the most centralized of systems to the least centralised.

CESR also considers the practical understandings which would underpin the implementation of the final network model which is adopted, and describes three alternative approaches.

Finally, the consultation paper also addresses a number of technical issues regarding the role of the national competent authority and the filing of the regulated information with the competent authority.

Deadline for comments is 31 March 2006. The date of an official hearing will be published soon. CESR final advice to the Commission has to be provided by June 2006.

Press release
Consultation paper

© CESR - Committee of European Securities Regulators