EBF response on CESR guidance on Market Abuse Directive

31 January 2007

The EBF responded to CESR’s second set of draft guidance on the operation of the Market Abuse Directive. The EBF is concerned about the apparently “unlevel” playing field that has developed across Europe in respect of the content of insider lists. Also, European supervisors do not appear to apply a consistent approach to the information that is required for the insider list. Finally, The EBF is concerned that the cross-border reporting obligations of internationally active banking groups have not been taken into account.

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