The London Stock Exchange has responded to CESR’s second call for evidence on the mandate for technical advice on implementing measures concerning the Transparency Directive (CESR/05-493).
The call for evidence refers specifically to the storage of regulated information and the filing of regulated information. We believe that these are important components of the Financial Services Action Plan: it is vital that EU policy makers come to the right conclusions so that investors have access to company information in as efficient and low cost manner as possible.
The main points in our response are:
- In the areas of security and other technical standards for electronic transmission and storage, CESR should have regard to the workflows and data formats in common usage by companies; it is vital that Officially Appointed Mechanisms (OAMs) do not create additional resource and cost burdens for companies.
- It is important that flexibility is built-in to Level 2, for example, we believe it is inappropriate at the current point in time to require filers to use input standards such as XBRL, though we recognise that this may be beneficial in the longer term.
The original call for evidence can be found at:
http://www.cesr-eu.org/consultation_details.php?id=66