EAPB Position Paper on Market Abuse

24 April 2003

The European Association of Public Banks (EAPB) published a position paper on the working documents 12, 13 and 14 on the implementing provisions of the Market Abuse Directive issued by the ESC in March.

Among others, EAPB claims that with regard to article 6 on possible legitimate interests for issuers to delay public disclosure, the rule/exception principle as applied in this Article should be reversed. According to the association the mechanism currently envisaged would prejudge the supervisory board’s decision and would thus fail to pay sufficient regard to the underlying legal concept. Articles 5 and 6 of the working document (ESC 12/2003) should therefore envisage that if the issuer has a dual board system, public disclosure will, in general, be required only when the necessary approval of the supervisory board has been obtained

Furthermore EAPB claims that article 8 of the proposal does not confine itself to the regulation of basic aspects. Art. 8 fails to introduce legal certainty and is therefore misleading. Therefore the association calls for more clarification of the current wording.

Full Position Paper

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