Accordingly, for the sake of transparency, the representative cif import prices referred to in Article 136(2) of Regulation (EC) No 1234/2007, are to be established from commodity exchange quotations for the cereal in question plus the commercial premium assigned to the cereal and sea freight costs between the Gulf of Mexico or the Great Lakes and the port of Rotterdam.

28. Calls for the mutual recognition of accounting standards followed by their progressive convergence, based on reliable regulatory supervision, so that companies can use a single standard in both markets and in order to reduce listing costs; asks the Commission, however, to monitor closely the full equivalence roadmap of the International Accounting Standards Board/Financial Accounting Standards Board, to avoid any pro-US bias;

The instruments of incorporation of an investment company shall specify the stock exchange in the country of marketing the prices on which shall determine the prices at which that investment company will effect any transactions outwith stock exchanges in that country.

the stock exchange in the country of marketing the price on which determines the price of transactions effected outwith stock exchanges in that country.

There were only a small number of shareholders (all of them public), which means in practice less need for transparency and openness compared with a company that has a large number of ("outside") shareholders or is listed on the stock exchange.

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 li ...[+++]sting and admission to trading must therefore be decoupled if more active competition between 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].