Committee Of European Securities Regulators Welcomes The Adoption By The European Commission On 29 April 2004 Of The Techincal Regulation Implementing The Prospectus Directive And The Technical Directive Implementing The Market Abuse Directive, On Which C

At the request of the European Commission, CESR submitted advice following consultation with industry and users of the legislation during the drafting of these measures.

The Prospectus regulation will enable issuers whose prospectus is authorised in one member state to use this prospectus in all other member states and, by so doing, will cut red tape and costs for issuers.

The regulation would apply from 1 July 2005 which is also the deadline for member states to implement the framework directive.

The Market Abuse directive harmonises troughout Europe the rules against market abuse and establishes transparency and equal treatment of market participants, thus ensuring there is confidence in the integrity of Europe's markets.

The implementing directive must be written into national law by member states and take effect by 12 October 2004. As the Commission notes in its Press Release, implementation will be key, CESR memebers are therefore working together already to ensure smooth and consistent implementation within its capacity on the level 3 of the Lamfalussy process (cooperation amongst regulators).