CESR published its consultation paper on the Markets in Financial Instruments Directive (MiFID).
The draft technical advice on the second set of mandates under the
MiFID covers aspects falling
under two areas.
The first aspect of this advice is related to Intermediaries and includes:
the definition of investment advice and the list of financial instruments (article 4);
the general obligations to act fairly, honestly and professionally (article 19.1);
the suitability test (on article 19.4);
the appropriateness test (article 19.5 article 19.6);
the execution only business and
the transactions executed with eligible counterparties (article 24).
The second aspect of this advice relates to Markets, in particular:
limit order displays (article 22) and
pre-trade transparency of internalizers (article 27).
CESR’s advice mandates must be submitted to the European Commission by the end of April 2005.
Closing date of the consultation is 21 January 2005.
A hearing will be held on 19 November 2004.
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© CESR - Committee of European Securities Regulators
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