31 Jan. 2006 - In July 2005, CESR received from the Commission a mandate for technical advice on implementing measures concerning the transparency directive as regards Officially Appointed Mechanisms (hereinafter called the “mandate”). The mandate was annexed to a letter from the Commission, which gave important comfort for interim solutions in the transposition by January 2007 of the Directive requirements regarding OAM, in the expectation of further developed implementing measures.
This mandate represents an important challenge for CESR in relation to the highly technical IT issues and to the difficulty of making relevant cost analysis for a system, which could have several variations.
With the objective of streamlining the various issues dealt in the mandate, the draft Consultation Paper is structured as follows:
- The role of the Officially Appointed Mechanism for the central storage of regulated information and related Costs and Funding, which corresponds to points 3.2 (1, 2, 3, 4) and 3.3 of the mandate
- Preliminary issues: (I) Agreement on interoperability and (II) Costs and Funding, which corresponds to point 3.1 of the mandate
- Role of the Competent Authority, which corresponds to points 3.2 (5) of the mandate and
- The filing of regulated information by electronic means with the competent authority, which corresponds to point 3.4 of the mandate
Please post your answer online by 31 March 2006
The issue of storage is important for investors in that it should provide investors with greater access to information on all issuers across Europe. The idea is that all EU investors will be able to access information from a single source in order to evaluate their investment opportunities and to make informed investment choices. CESR considers that investors and more particularly, retail investors may wish to use the storage system to access information and therefore this system should be structured so as to be user-friendly for end investors and to respond to their expectations in terms of functionalities.
An investor's version of the Consultation paper (Ref. CESR/06-092) was distributed to retail investor associations, and a hearing was organised on 20 March. The responses received to this investor's version will be included in the list of responses received to the Consultation paper