Brussels, 11/06/2001 (Agence Europe) - The Federation of European Stock Exchanges (FESE) announced its opposition to the proposals for a European Commission Directive on market abuse and the European prospectus (see EUROPE of 31 May, -p.8). Paul Arlam, Secretary General of the FESE, feels that the Directive on market abuse involves a transfer of power towards the new regulator committees at the loss of the national authorities. The FESE, which foresees a confrontation between, on the one hand, the Commission and, on the other, the banks and securities companies, deplores the fact that the private sector was not sufficiently consulted by the services of the Commissioner responsible for the Internal Market, Frits Bolkestein.