CESR submits Implementing Measures on the Market Abuse Directive to European Commission

08 January 2003



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On Tuesday 31 December 2002, CESR submitted its technical advice to the European Commission on implementing measures in connection with certain aspects of the Market Abuse Directive.

The CESR advice covers the five substantive areas which were set out in the Commission’s Mandate to:

  • The definition of inside information (article 1 of the Directive)
  • The definition of market manipulation (article 1)
  • The disclosure obligations of issuers (article 6)
  • The requirements for research (article 6)
  • The conditions for access to the safe harbours for share buy-backs and stabilisation (article 8)

    CESR’s advice was developed by an expert group, chaired by Mr Stavros Thomadakis, Chairman of the Hellenic Capital Market Commission. The group was assisted by a pan-European Consultative Working Group of experts, drawn from a wide range of market participants.

    In accordance with the Lamfalussy procedure, the European Commission, in consultation with the European Securities Committee and the European Parliament, will use CESR’s advice as the basis for establishing complementary new EU law on Market Abuse.

    In a feedback statement CESR provides a short overview of the process which CESR followed in finalising its technical advice to the European Commission on possible implementing measures. It also discusses the main points made by respondents to the consultation process and explain the policy options which CESR has selected, following careful consideration of the points raised.

    Feedback Statement on CESR Market Abuse Consultation
    CESR's Advice on Level 2 Implementing Measures for the proposed Market Abuse Directive

    © CESR - Committee of European Securities Regulators