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CESR did not know what has happened in the market when the crises emerged and important segments have not been subject to regulation, Comporti said and called for higher and better transparency standards. However, unintended consequences and spill over effects need to be avoided when it comes to new requirements, he underlined.
CESR is in particular looking at the post trade issue in its MiFID review. With regard to consolidated market data it is not decided whether the EU will introduce a system similar to the
The review will also look at the client classification. The differentiation between retail and sophisticated clients has to be re-discussed, he said.
Also for the non-equity markets the ‘calibration’ of post trade transparency is essential, he noted and called for a sufficient transaction reporting to the competent authorities.
Comporti reiterated that the EU will issue a proposal for OTC markets before the summer. With regard to its global consistency he stated that fundamentals in the
On the future legislation of PRIPS Comporti underlined that it could not be allowed that investors are treated in a different way.
Short selling is another topic of concern to CESR. European regulators coordinated a lot, but this did not lead to consistent rules, he complained. The current disclosure regime cannot be the end of the story, he said and reconfirmed that the Commission will come with a proposal this year.