CESR published a call for opinions on its advice to the Commission under article 19.7 in relation to agreements between the investment firms and their professional clients.
The options under consideration by CESR may be summarised as follows:
Not to provide any advice on the client agreement, recognising that this should entirely be a
matter for Member State discretion or for commercial practice.
An investment firm must enter into an agreement in writing setting out the rights and obligations of the parties.
An investment firm must enter into an agreement in writing setting out the rights and obligations of the parties.
By derogation from the previous paragraph, the investment firm may provide the terms of the agreement [for an investment advisory service] in writing immediately after starting to provide the relevant service to the client if that service has been provided at the client's request using a means of communication which does not enable the provision of the agreement in writing.
Closing date is 20 February 2005
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© CESR - Committee of European Securities Regulators
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