CESR's Advice on the Second Set of Implementing Measures for the Market Abuse Directive

03 September 2003

The Committee of European Securities Regulators (CESR) released the advice on the second set of implementing measures for the Market Abuse Directive.

This Directive has to be implemented by Member States by October 2004. The implementing measures covered by the advice include:

Guidelines for determining Accepted market practices: The directive provides that when a market practice is legitimate and accepted by the competent authority, then the practice may not amount to market manipulation.

Definition of Inside Information for Derivatives on Commodities: The directive recognises that there needs to be a specific approach as regards inside information on commodity derivative markets.

Lists of Persons having access to Inside Information: The directive requires all issuers and third parties acting on their behalf or for their account to draw up lists of persons with access to inside information.

Disclosure of transactions: The directive requires those in managerial positions within an issuer to disclose dealings in the shares of the issuer.

Notification of suspicious transactions: The directive requires intermediaries to notify the competent authority of transactions that they suspect of being abusive.

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