Translation of "Système de cotation automatique des valeurs " (French → English) :

75. Notes that young people, raised in an era of rapid technological progress have not only potential, talents and skills, but also values and priorities that differ from those of previous generations and that it is therefore worthwhile stressing the need for programmes and initiatives that would overcome the gap between generations; notes that this will also help in understanding the younger generation’s assets such as multitasking, creativity, mobility, readiness to change and, above all, teamwork; stresses that education and training systems should be ...[+++] flexible enough to allow for the full development of the skills and talents of young people; emphasises moreover that recruitment and employment services staff should be well trained and equipped with skills that would give them an understanding of the new generation; notes also that not all youth automatically have the skills and abilities for fully meeting the digital demands and reiterates therefore that giving everyone equal access and training to digital tools is even more important than before;

35. Notes that an own resources system which ensures sufficient automatic EU annual budget revenue growth will improve the political climate of budgetary decision-making, enabling decision-makers to concentrate on key priorities with EU added value instead of bargaining on expenditure levels;

Difficulties arise because of prevailing uncertainty as regards the way in which "regulated markets" should fulfil their obligations to ensure that all securities comply with the requirements for "official listing" (as specified in Directive 79/279 [10] In essence, the practice to date has been that the regulated market should provide listing functions in respect of all securities which are dealt in on that market. This practice for "regulated markets" officially to list securities prior to trading can add significantly to costs and limit the scope for competing markets and exchanges to admit the same security to trading. admission to listing and admission to trading must therefore be decoupled if more active competition betwee ...[+++]n trading systems is to be facilitated. Furthermore, structural changes such as the demutualisation of exchanges call for a redefinition of how listing and public disclosure objectives are realised. However, before such far-reaching adjustments can be envisaged, an equitable basis must be found for sharing the regulatory overheads of listing and fulfilling related requirements such as dissemination of price-sensitive information. Without appropriate arrangements, profit-driven exchanges may seek to divest costly listing functions, particularly if they perceive competitors as "free-riding" on their listing services. This would jeopardise the important "public good" functions served by listing. Implementation of this approach should be foreshadowed in an updated definition of "regulated markets". It also calls for a re-examination of the provisions of Directive 79/279 [11].

Difficulties arise because of prevailing uncertainty as regards the way in which "regulated markets" should fulfil their obligations to ensure that all securities comply with the requirements for "official listing" (as specified in Directive 79/279 [10] In essence, the practice to date has been that the regulated market should provide listing functions in respect of all securities which are dealt in on that market. This practice for "regulated markets" officially to list securities prior to trading can add significantly to costs and limit the scope for competing markets and exchanges to admit the same security to trading. admission to listing and admission to trading must therefore be decoupled if more active competition betwee ...[+++]n trading systems is to be facilitated. Furthermore, structural changes such as the demutualisation of exchanges call for a redefinition of how listing and public disclosure objectives are realised. However, before such far-reaching adjustments can be envisaged, an equitable basis must be found for sharing the regulatory overheads of listing and fulfilling related requirements such as dissemination of price-sensitive information. Without appropriate arrangements, profit-driven exchanges may seek to divest costly listing functions, particularly if they perceive competitors as "free-riding" on their listing services. This would jeopardise the important "public good" functions served by listing. Implementation of this approach should be foreshadowed in an updated definition of "regulated markets". It also calls for a re-examination of the provisions of Directive 79/279 [11].

Currently, the concept of "regulated market" in Article 1.13 is defined partially by reference to the requirement for admitting securities to listing (including the the conditions for the admission of securities to official stock exchange listing laid down in Directive 79/279).

(i) Distribution of ILS deviations at 30 m (100 ft), at touchdown and, if appropriate, at disconnection of the roll-out control system and the maximum values of the deviations between those points; and