Brussels, 11/03/2003 (Agence Europe) - The European Commission has published three working documents preparing execution measures for the directive on insider dealing and other market abuse, which was adopted by Parliament and Council last December. Under the "Lamfalussy" comitology procedure, the adoption of secondary legislation in the field of financial services is delegated to the Commission, in consultation with Council and Parliament. The Commission is to present its proposals in April.
The working documents, drawn up on the basis of the European Securities Regulators Committee's opinion, focus on:
1) defining the concepts "privileged information", "market abuse" and "public disclosure of inside information by issuers";
2) fair presentation of recommendations and disclosure of relevant interests or conflicts of interest;
3) the "safe harbour"- i.e. the conditions for the exemptions from the prohibitions of insider dealing and market abuse in specific cases.
The documents are published on the Commission's internet site at http: //http://www.europa.eu.int/comm/internal_market/en/finances/mobil/market-abuse_en.htm