CESR call for evidence on Transparency Directive

13 July 2007

CESR issued a call for evidence on possible CESR Level 3 work on the Transparency Directive. Once most Member States have implemented the Directive and national practices are developing, market participants and competent authorities are raising questions about whether some provisions of the TD are being applied in a consistent manner in the different jurisdictions.

Also, issuers and market participants in general would expect that the minimum areas that the TD does harmonise are applied by the different competent authorities in a consistent way.

CESR considers it appropriate to determine whether it should work with the provisions of the EU transparency framework that might give rise to different practices in the Member States that are not a result of different legitimate national discretions, but rather a result of inconsistent application of the Directive by CESR members.

CESR intends to assess whether the areas considered fulfil three conditions: Is there a supervisory or regulatory failure? Has the issue an EU dimension? Can CESR do something?

Deadline for consultation is 14 September 2007.

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