Market abuse: Community legislation needs precise adjustments, cooperation between the Member States' Authorities and common expertise is necessary, "which has not always necessarily happened". This is what emerges from the hearing, in the Senate Finance Committee, of Carmine Di Noia, expert, member of the Stakeholder group of ESMA, as well as deputy general manager of Assonime.
The premise is that the rules on market abuse must be "well designed, proportionate and clear, avoiding interpretative uncertainties" and must be supported by an "adequate supervisory activity". "Too often - Di Noia considers - the discipline is hastily changed instead of intervening on the enforcement system and on those who should have enforced these rules".
The current regulatory structure needs action. Meanwhile on the notion of privileged information, because – this is the annotation – if on the one hand the proposal for a Community regulation recognizes a difference between privileged information not to be abused and that to be disclosed to the market, it does so "in the wrong way". Another point on which to intervene: takeover bids and purchase of treasury shares. Again: the treatment of so-called "rumors".
Di Noia's suggestion is that listed companies should be obliged to comment on rumors only in the presence of 2 conditions: a) the rumor is true; b) there are anomalous movements in prices or quantities. Finally, the insider lists: “Their usefulness - notes Di Noia - has been questioned, at least with reference to listed companies; more useful they seem for external subjects such as consultants, investment banks, law firms"".
