THE Committee of European Securities Regulators (CESR) has announced that it will take the first step towards creating a pan-European regulatory database network of issuer disclosures as required under the Transparency Directive.
The move will be made as part of improvements to the MiFID database that was established last year to provide a public list of all shares admitted for trading on EU regulated markets.
The current database, which includes only the names of listed companies along with basic trading and regulator information, will be updated with better search capabilities and additional information by March 5 based on input from market participants.
In the coming update, the CESR will also provide links from the name of the share in the MiFID database to the websites of the relevant country disclosure databases, known as Officially Appointed Mechanisms (OAMs). For shares listed in countries with more than one OAM, such as the UK, the links will go to an intermediary page with a list of all the OAM’s in the country.
The CESR said Monday the move would “implement a first version of the EU network of storage mechanisms.”
Of course, it remains to be seen just how useful the initial network will be to investors as each of the country OAMs uses different technologies and approaches. The European Commission has been considering legislation to move forward towards creating a more unified network.