Brussels, 30/04/2004 (Agence Europe) - The European Commission has adopted a technical Regulation implementing the Prospectus Directive and a technical Directive including a second set of measures implementing the Market Abuse Directive (to combat insider dealing). Prospectuses: The Regulation therefore sets out different minimum disclosure requirements for different products, depending on the types of information needed by investors in each case. It comes into force on 1 July 2005, which is also the deadline for Member States to implement the framework Directive. Market Abuse: The implementing Directive covers accepted market practices in the context of market manipulation, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders by issuers and persons acting on their behalf or for their account and the notification to the relevant authorities of suspicious transactions and of transactions undertaken by issuers' managers. The implementing Directive will have to be written into national law by Member States by 12 October 2004, which is also the deadline for implementing the Market Abuse Directive itself.
Both measures were proposed by the Commission taking into consideration advice from the Committee of European Securities Regulators (CESR). The European Securities Committee subsequently adopted a positive opinion on both measures and the European Parliament agreed by letter.