CESR published two consultation papers entitled "Market Abuse Directive Level 3 - second set of CESR guidance and information on the common operation of the Directive to the Market" in July and October 2008.

The first guidance covered the topics on insider lists and STRs and the second paper dealt with the topics on stabilisation and the "two-fold notion" of insider information. This feedback statement sets out the main points made by respondents to the two consultation papers and explains the decisions CESR took in finalising its guidance. The guidance aims to provide helpful clarification on the application of the Market Abuse Directive provisions.