CEPS Task Force Report:
The Emerging Framework for Disclosure Regulation in the EU
Authors: Karel Lannoo & Arman Khachaturyan
Disclosure is fundamental to investors’ decision-making, the functioning of capital markets, stock performance and market integrity. However, policy-makers should be aware that regulating disclosure is a moving target and that there never is an optimal level of disclosure that can be mandated. Adequate room and flexibility must be built-in for market-driven improvements.
This report critically evaluates the new disclosure framework and makes some recommendations for policy. It expresses reluctance regarding the move to quarterly reporting in the draft transparency directive and stresses the need for maintaining some competition between jurisdictions in setting the appropriate disclosure framework.
1st meeting: 16 May 2002
2nd meeting: 21 Oct 2002
3rd meeting: Mar 2003