Cesr has issued a new set of guidelines regarding the EU's Market Abuse Directive
PARIS - The Committee of European Securities Regulators (Cesr) has released its third set of guidance and information on the European Commission's Market Abuse Directive, but says more might still be needed.
The document follows Cesr's second issuance of guidance on the directive in July 2007, at which point it was confirmed Cesr would issue a second stream of Level 3 guidance work, resulting in the new paper.
Cesr's paper includes chapters on suspicious transaction reports (STRs), insider lists, stabilisation and buy-back programmes, and the two definitions of inside information, after a previous consultancy paper provoked industry queries.
The paper is a conclusion to two separately released consultation papers: the first on insider lists and STRs, and the second on stabilisation and the definition of insider information.
The first approach is often viewed as reflecting shareholders' property rights in information, and rests on the existence of fiduciary relationships.
The second notion emphasises equality of access to information about a company by all participants in a securities market and sets aside the property concept.
Cesr's guidance includes a feedback statement on the two consultations, together with the reminder that further guidance might be needed.
The guidance can be read here.
More on Regulation
NCDEX finds itself in conflict with government clearing house proposals
Regulator set to focus on backtesting and replicability of index products
2015 rules promise oversight increase
Recent Iosco consultation paper aims to better co-ordinate global regulation
Sign up for Risk.net email alerts
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.