In its Work Program (Ref. CESR/07-416), CESR informed the market about the issues to be covered in its 3rd set of guidance regarding the common operation of the Market Abuse Directive (MAD). The first two issues (requirements for insider lists and suspicious transaction reports) have already been considered in the earlier consultation paper (Ref. CESR /08-274). As that consultation paper made clear, the guidance relating to stabilisation and buy-back programmes was to be consulted on later. Ultimately, all issues will be integrated into one final set of a 3rd set of Guidance. Thus, CESR intends to prepare one feedback statement for both its consultation papers.
Interested parties are invited to submit their comments on the draft guidance set out in this paper and send their responses via CESR’s website (www.cesr.eu) under the sections “Consultations”. The consultation closes on 9 January 2009.
