30 September 2003

EMAC criticises implementing measures on Market Abuse Directive

In a Working Paper on the first set of measures implementing the 'Market Abuse' Directive prepared by Robert Goebbels, EMAC criticised the Commission and CESR, stating that “there is good reason to be sceptical about the self-proclaimed efficient and reactive character of the Lamfallusy procedures.”

Presenting the Document before the EMAC Mr. Goebbels criticised that two of the three proposed implementing documents are Directives and not Regulations which will delay the measures' entry into force in the Member States.

He also criticised the Commission's unexplained decision to divide the measures into small packages, submitted at intervals of a few months, which damages the transparency and efficiency of the process, and also complained about the uncoordinated consultations of CESR and the Commission on the same issue which leads to further delays.

Goebbels paper

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