On 13 November 2006, the Commission issued the feedback it had received on transparency in bond and other non-equity markets. The majority of responses came from trade associations, but also individual firms of the banking and investment- banking industry, as well as regulatory organisations and consumer representatives.
Internal Market Commissioner Charlie McCreevy said: “These are massively important markets – so the Commission is carrying out scrupulous, fundamental research as part of the better-regulation approach.” He added: “We will take careful account of the views of the various legitimate interest groups and will only act in this area if we see a compelling case to do so.”
The feedback stated that transparency provisions for Markets in Financial Instruments Directive (MiFID) should not be applied to bonds. Alternatively, the industry favoured self-regulatory measures.
The Commission will consult with the Committee of European Securities Regulators (CESR) and the European Securities Markets Expert Group (ESME) in order to put together its draft report in July 2007.
