CESR report on Transparency Directive
02 July 2009
The report provides an overview of the differences in supervisory powers, as well as administrative and criminal sanctioning regimes across Europe and its implementing measures.
CESR published a review of supervisory powers and sanctioning regimes with regard to the Transparency Directive.
The report provides an overview of the differences in supervisory powers, as well as administrative and criminal sanctioning regimes across Europe and its implementing measures.
It includes a stock taking exercise of the coherence, equivalence and actual use of powers among EU Member States as well as of the variance of sanctioning regimes.
Regarding the delegation of supervisory powers, the review showed great convergence. Except for six Member States, all CESR Members are the designated central competent authority responsible for all aspects of the TD.
As regards to general obligations, ongoing information, powers of the competent authorities and co-operation within the EU, a large majority of CESR Members follow the same supervisory regime, with exceptions ranging from two to five Member States.
Finally the results show that Administrative measures and fines are more common than criminal sanctions throughout the Membership across all articles under TD.
© CESR - Committee of European Securities Regulators
