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In terms of non-equities transparency, CESR concluded that it has not recognised evident market failure in relation to market transparency which would warrant mandatory transparency for bonds. However, some re-distribution of the existing transparency information could be useful to help retail participants. CESR also recognises that there are market-led initiatives planned in this direction. CESR proposes that the progress of these initiatives should be followed and their effect evaluated before considering any possible regulatory action.
The document on commodities covers the first part of the Commission's request, and includes an initial fact-finding exercise on the regulation and operation of commodity and exotic derivatives in Member States. The document is based on responses from individual CESR members and as this part of the work to be undertaken by CESR has been a fact-finding exercise it has not been subject to public consultation. .
CESR will develop a follow up report in October 2007. In particular, this will include the application of MiFID exemptions and Article 38 of the MiFID implementing Regulation which set out the requirements related to persons exercising significant influence over the management of the regulated market.
Finally, CESR appointed Jean-Paul Servais, Chairman of the Managing Committee of the Belgian CBFA, as Chair of the MiFID Level 3 Expert Group, and Maria José Yubero, from the Spanish CNMV, as Chair of the Intermediaries Sub-Group.
Press release
Response to on non-equities transparency
Feedback statement - Technical advice on Non-equities transparency
Compilation of responses on commodity and exotic derivatives