As part of its Level 3 work programme on the Markets in Financial Instruments Directive (MiFID) the Committee of European Securities Regulators (CESR) has published:

  • CESR’s response to the Commission on non-equities transparency.
  • CESR’s response to the Commission on non-equities transparency - Feedback Statement
  • Compilation of responses by CESR to the Commission’s request for initial assistance on commodity and exotic derivatives and related business.

In the response to the Commission on non-equities transparency CESR reports:

  • That it has not recognised evident market failure which would warrant mandatory transparency for bond markets.
  • Although there is no evident market failure to be corrected, re-distribution of current transparency information could be useful to help retail participants.
  • That it recognises that there are market led initiatives currently planned in this area. The progress of these initiatives should be followed and their effect evaluated before considering any possible regulatory action.
  • While not addressing an evident market failure CESR does not see this issue as a matter of immediate urgency.

CESR has now nearly completed its MiFID Level 3 work programme. The remaining Level 3 work is the preparation of a Multilateral Memorandum of Understanding to facilitate the supervision of branches. CESR has also announced the appointment of Jean-Paul Servais as the Chair of the MiFID Level 3 Expert Group.

View CESR publishes its advice to the European Commission on non-equities transparency, as well as a report on commodity and exotic derivatives, and announces the appointment of Mr Servais (CBFA) as Chair of the MiFID Expert Group, 9 August 2007