The advice, once finalised, will complement the initial technical implementing measures (CESR's Advice on Level 2 Implementing Measures for the proposed Market Abuse Directive [Ref. CESR/O2.089d]) recommended by CESR to the Commission at the end of last year under the new Lamfalussy approach to regulating securities markets.
The paper deals with five additional areas of the Directive which require technical implementing measures. These are as follows:
- The definition of Accepted Market Practices
- The definition of Inside Information for Derivatives on Commodities
- The requirement on issuers, or entities acting on their behalf, to draw up lists of insiders
- The requirement on those with managerial responsibilities to disclose their transactions
- The requirement on persons professionally arranging transactions in financial instruments to notify the competent authorities of suspicious transactions
The consultation period will run until 15 June 2003. CESR will organise an open hearing on the paper in Paris on 12 May to permit interested parties to clarify or discuss points directly with the expert group. It is anticipated that there will also be a number of open consultations held at national level.
Stavros Thomadakis, Chairman of the Expert Group, commented: " The Market Abuse Directive has now been adopted. This second mandate reflects the evolution of the text during the negotiations between the European institutions and will complete the remaining measures deemed necessary to ensure a full implementation of the Directive within the 18 month timetable which is envisaged. The new mandate deals with a number of key areas and I would urge interested parties to communicate their views on CESR's proposals during this consultation period. "
CESR will finalise its advice on the basis of input received from interested parties during the consultation period and in conjunction with the CESR Chairmen. The European Commission has requested final input by 31 August 2003.
