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05 July 2002

CESR Consultation on Possible Implementing Measures of the Proposed Market Abuse Directive

CESR released a consultation paper on possible detailed technical measures needed to implement the proposed Market Abuse Directive. These measures are being developed on the basis of a provisional mandate given to CESR by the European Commission

Under the mandate, CESR has been asked to widely consult all interested parties and to provide its advice to the Commission on the appropriate measures by 31 December 2002. The measures cover:

  • The definitions of inside information and market manipulation (article 1 of the proposed Directive);
  • The disclosure obligations of issuers (article 6);
  • The requirements for research (article 6);
  • The safe harbours for share buy-backs and stabilisation (article 8).

    An expert group chaired by Mr Stavros Thomadakis, Chairman of the Hellenic Capital Market Commission, has developed these measures. The group has been assisted by a Consultative Working Group of experts drawn from a broad range of market participants.

    In commenting on the paper, Mr Arthur Docters van Leeuwen, Chairman of CESR, said: “It was vital that a broad range of market participants engage with this consultation. This is the first consultation on measures under the new level 2 Lamfalussy process. Once these measures are adopted by the European Commission, they will become law in the EU. Getting the right technical implementing measures for the EU’s regime against market abuse is a key part in building a single financial market that is competitive and operates with integrity.

    The deadline for submitting responses to the consultation paper is 30 September 2002.

    CESR Consultation on Possible Implementing Measures of the Proposed Market Abuse Directive

    © CESR - Committee of European Securities Regulators

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