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CESR issues insider trading advice.

THE COMMITTEE of European Securities Regulators (CESR) has released a second set of detailed guidance for finance companies on how to comply with the European Union's market abuse directive. The legislation is designed to prevent insider trading and CESR is now advising on:

* What constitutes inside information under the law? CESR explains, for instance, what is meant by 'information likely to have a significant price affect'; and says when and how information should stay private or be released.

* When is it legitimate to delay disclosure of inside information? CESR gives guidance on scenarios involving confidentiality constraints, product development and impending developments.

* When are client orders inside information? Are pending orders inside information?

* Recognising insider lists in multi-jurisdiction deals--CESR suggests mutual recognition rules for competent authorities.

CESR wants comments on this guidance by February 2 (2007). *
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Author:Nuthall, Keith
Publication:International News
Date:Nov 1, 2006
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