On 13 July 2007, the Committee of European Securities Regulators (CESR) published a Call for Evidence on its possible Level 3 work on the Transparency Directive (TD). The consultation period closed on 14 September 2007.

CESR has now published a Feedback Statement which sets out the significant issues that respondents raised during the Call and how it will deal with them.

The Feedback Statement states that in October 2007, in light of the responses to the Call, CESR started its Level 3 work on the TD. CESR set up a Transparency Group of experts and this group has started:

  • A mapping exercise, with the aim of publishing factual comparative information about TD implementation in Member States.
  • A discussion of practical questions asked by market participants and regulators on the Level 1 and Level 2 TD Directives, including dissemination issues. 
  • To facilitate the establishment of an EU electronic network of officially appointed national mechanisms for the storage of regulated information.

View CESR Feedback Statement on a Call for Evidence on the possible Level 3 work on the Transparency Directive, 21 February 2008