commiss regul ec decemb implement direct ec european parliament council exempt bui back programm stabilis financi instrument text eea relev commiss european commun regard treati establish european commun regard direct ec european parliament council januari insid deal market manipul market abus articl thereof consult committe european secur regul cesr technic advic articl direct ec prohibit provid appli trade share quot bui back quot programm stabilis financi instrument provid trade carri accord implement measur adopt effect activ trade share quot bui back quot programm stabilis financi instrument benefit exempt prohibit direct ec provid articl thereof deem constitut market abus hand exempt creat regul cover behaviour directli relat purpos bui back stabilis activ behaviour directli relat purpos bui back stabilis activ consid action cover direct ec object administr measur sanction compet author establish action question constitut market abus trade share quot bui back quot programm rule provid regul prejudic applic council direct eec coordin safeguard protect interest member requir member state compani mean paragraph articl treati respect format public limit liabil compani mainten alter capit view make safeguard equival allow quot bui back quot activ order benefit exempt prohibit direct ec includ issuer need possibl reduc capit meet oblig aris debt financi instrument exchang equiti instrument meet oblig aris alloc share employe transpar prerequisit prevent market abus end member state offici appoint mechan public disclosur inform requir publicli disclos regul issuer adopt quot bui back quot programm inform compet author requir public trade share quot bui back quot programm carri deriv financi instrument order prevent market abus daili volum trade share quot bui back quot programm limit flexibl order respond market condit low level transact attent paid sell share life quot bui back quot programm exist close period issuer transact prohibit fact issuer legitim reason delai public disclosur insid inform stabilis transact effect provid support price offer relev secur limit time period sell pressur allevi sale pressur gener short term investor maintain orderli market relev secur interest investor subscrib purchas relev secur context signific distribut issuer stabilis contribut greater confid investor issuer financi market stabilis activ carri regul market carri financi instrument admit admit regul market influenc price instrument admit admit trade regul market relev secur includ financi instrument fungibl initi period substanti initi dividend interest payment right relat stabilis block trade consid signific distribut relev secur strictli privat transact member state permit context initi public offer trade prior begin offici trade regul market permiss cover quot issu trade quot market integr requir adequ public disclosur stabilis activ issuer entiti undertak stabilis act behalf issuer method adequ public disclosur inform effici account market practic accept compet author adequ coordin place invest firm credit institut undertak stabilis stabilis invest firm credit institut act central point inquiri regulatori intervent compet author member state concern order avoid confus market particip stabilis activ carri take account market condit offer price relev secur transact liquid posit establish result stabilis activ undertaken minimis market impact due regard prevail market condit overallot facil quot greensho option quot close relat stabilis provid resourc hedg stabilis activ attent paid exercis overallot facil invest firm credit institut purpos stabilis result posit uncov quot greensho option quot measur provid regul accord opinion european secur committe adopt regul chapter definit articl subject matter regul lai condit met bui back programm stabilis financi instrument order benefit exempt provid articl direct ec articl definit purpos regul definit appli addit laid direct ec quot invest firm quot mean legal person defin point articl council direct eec quot credit institut quot mean legal person defin articl direct ec european parliament council quot bui back programm quot mean trade share accord articl council direct eec quot time schedul bui back programm quot mean quot bui back quot programm date quantiti secur trade time period programm set time public disclosur quot bui back quot programm quot adequ public disclosur quot mean disclosur made accord procedur laid articl direct ec european parliament council quot relev secur quot mean transfer secur defin direct eec admit trade regul market request admiss trade market made subject signific distribut quot stabilis quot mean purchas offer purchas relev secur transact instrument equival thereto invest firm credit institut undertaken context signific distribut relev secur exclus support market price relev secur predetermin period time due sell pressur secur quot instrument quot mean financi instrument includ admit trade regul market request admiss trade market made provid relev compet author agre standard transpar transact financi instrument contract right subscrib acquir dispos relev secur financi deriv relev secur relev secur convert exchang debt instrument secur convert exchang debt instrument convert exchang instrument issu guarante issuer guarantor relev secur market price materi influenc price relev secur vice versa relev secur secur equival share share repres secur secur equival share quot signific distribut quot mean initi secondari offer relev secur publicli announc distinct ordinari trade term amount secur offer sell method emploi quot offeror quot mean prior holder entiti issu relev secur quot allot quot mean process process number relev secur receiv investor previous subscrib appli determin quot ancillari stabilis quot mean exercis overallot facil greensho option invest firm credit institut context signific distribut relev secur exclus facilit stabilis activ quot overallot facil quot mean claus underwrit agreement lead manag agreement permit accept subscript offer purchas greater number relev secur origin offer quot greensho option quot mean option grant offeror favour invest firm credit institut involv offer purpos cover overallot term firm institut purchas amount relev secur offer price period time offer relev secur chapter ii quot bui back quot programm articl object bui back programm order benefit exempt provid articl direct ec bui back programm compli articl regul sole purpos bui back programm reduc capit issuer number share meet oblig aris debt financi instrument exchang equiti instrument employe share option programm alloc share employe issuer associ compani articl condit quot bui back quot programm disclosur quot bui back quot programm compli condit laid articl direct eec prior start trade full detail programm approv accord articl direct eec adequ disclos public member state issuer request admiss share trade regul market detail includ object programm refer articl maximum consider maximum number share acquir durat period authoris programm subsequ programm subject adequ public disclosur member state issuer place mechan ensur fulfil trade report oblig compet author regul market share admit trade mechan record transact relat quot bui back quot programm includ inform articl direct eec issuer publicli disclos detail transact refer paragraph end seventh daili market session date execut transact articl condit trade price concern issuer execut trade quot bui back quot programm purchas share price higher higher price independ trade highest current independ bid trade venu purchas carri trade venu regul market price independ trade highest current independ bid refer regul market member state purchas carri issuer carri purchas share deriv financi instrument exercis price deriv financi instrument higher price independ trade highest current independ bid volum concern issuer purchas averag daili volum share dai regul market purchas carri averag daili volum figur base averag daili volum trade month preced month public disclosur programm fix basi authoris period programm programm make refer volum averag daili volum figur base averag daili volum trade trade dai preced date purchas purpos paragraph case extrem low liquid relev market issuer exce limit provid condit met issuer inform compet author relev market advanc intent deviat limit issuer disclos adequ public fact deviat limit issuer exce averag daili volum articl restrict order benefit exempt provid articl direct ec issuer particip bui back programm engag trade sell share life programm trade period law member state trade take place close period trade issuer decid delai public disclosur insid inform accord articl direct ec paragraph appli issuer invest firm credit institut establish effect inform barrier chines wall subject supervis compet author respons handl insid inform relat directli indirectli issuer respons decis relat trade share includ trade share behalf client trade share basi decis paragraph appli issuer invest firm credit institut establish effect inform barrier chines wall subject supervis compet author respons handl insid inform relat directli indirectli issuer includ trade decis quot bui back quot programm respons trade share behalf client trade share behalf client paragraph appli issuer place time schedul quot bui back quot programm quot bui back quot programm lead manag invest firm credit institut make trade decis relat issuer share independ influenc issuer regard time purchas chapter iii stabilis financi instrument articl condit stabilis order benefit exempt provid articl direct ec stabilis financi instrument carri accord articl regul articl time relat condit stabilis stabilis carri limit time period respect share secur equival share time period refer paragraph case initi offer publicli announc start date commenc trade relev secur regul market end calendar dai initi offer publicli announc take place member state permit trade prior commenc trade regul market time period refer paragraph start date adequ public disclosur final price relev secur end calendar dai provid trade carri complianc rule regul market relev secur admit trade includ rule public disclosur trade report respect share secur equival share time period refer paragraph case secondari offer start date adequ public disclosur final price relev secur end calendar dai date allot respect bond form securitis debt convert exchang share secur equival share time period refer paragraph start date adequ public disclosur term offer relev secur includ spread benchmark fix end earlier calendar dai date issuer instrument receiv proce issu calendar dai date allot relev secur respect securitis debt convert exchang share secur equival share time period refer paragraph start date adequ public disclosur final term offer relev secur end earlier calendar dai date issuer instrument receiv proce issu calendar dai date allot relev secur articl disclosur report condit stabilis inform adequ publicli disclos issuer offeror entiti undertak stabilis act behalf person open offer period relev secur fact stabilis undertaken assur undertaken stop time fact stabilis transact aim support market price relev secur begin end period stabilis occur ident stabilis manag time public case publicli disclos stabilis activ begin exist maximum size overallot facil greensho option exercis period greensho option condit overallot facil exercis greensho option applic provis paragraph suspend offer scope applic measur implement direct ec prospectu direct date applic measur prejudic articl direct ec detail stabilis transact notifi issuer offeror entiti undertak stabilis act behalf person compet author relev market end seventh daili market session date execut transact week end stabilis period inform adequ disclos public issuer offeror entiti undertak stabilis act behalf person stabilis undertaken date stabilis start date stabilis occur price rang stabilis carri date stabilis transact carri issuer offeror entiti undertak stabilis act behalf person record stabilis order transact minimum inform articl direct eec extend financi instrument admit admit regul market invest firm credit institut undertak stabilis act behalf issuer offeror person act central point inquiri request compet author regul market relev secur admit trade articl specif price condit case offer share secur equival share stabilis relev secur circumst execut offer price case offer securitis debt convert exchang instrument refer paragraph stabilis instrument circumst execut market price instrument time public disclosur final term offer articl condit ancillari stabilis order benefit exempt provid articl direct ec ancillari stabilis undertaken accord articl regul relev secur overallot subscript period offer price posit result exercis overallot facil invest firm credit institut cover greensho option exce origin offer greensho option exercis beneficiari option relev secur overallot greensho option amount origin offer exercis period greensho option stabilis period requir articl exercis greensho option disclos public promptli detail includ date exercis number natur relev secur involv chapter iv final provis articl entri forc regul enter forc member state dai public offici journal european union regul bind entireti directli applic member state brussel decemb commiss frederik bolkestein member commiss oj cesr establish commiss decis ec oj oj oj oj oj