The Exchange has responded to CESR’s consultation regarding implementing measures of the Transparency Directive in relation to the officially appointed mechanisms (OAM) for storage and filing of regulated information.
It is our view that, in the absence of a single European database, it is likely that the costs of a network of OAMs will outweigh the benefits. As such, we believe both CESR and Commission should reconsider whether the current proposals should be pursued.
We question the viability of a business model based on the comprehensive network of OAMs approach. We also believe that effective implementation and enforcement of the dissemination regime (under article 21(1)) will ensure pan-European dissemination, and if regulatory intervention is kept to a minimum, then commercial solutions will arise to enable interested parties to find information on issuers relatively easily.