BBA, ICMA and LIBA have responded to CESR’s consultation on common operation of MAD. They support CESR’s efforts to give guidance to supervisors. They feel supervisors should take a co-ordinated view of what information should be included on insider lists as some jurisdictions go further than others at the moment. They also feel it would not be right if regulators could ask to examine details of any transactions firms investigated as potentially suspicious, but then decided not to report.