CESR launched a consultation on the details of CESR’s work programme for a new
MiFID ‘Level 3’ Expert Group.
The Committee identified four categories of issues of future ‘Level 3’ work:
Technical issues of operational importance where consistent implementation of the Level 1 and
Level 2 legislative texts need to be achieved before their implementation. These issues largely relate to the functioning of the passport of investment firms and regulated markets, including amongst others, calculations relating to market transparency and publication and consolidation of market transparency information.
Other issues of a technical and operational nature not all necessarily to be tackled before the date of implementation of the new legislative framework.
Cross-sector convergence to be conducted with CEBS and CEIOPS.
CESR decided to dissolve the previous three Expert Groups and its MiFID Steering Group and therefore established a new single 'MiFID Level 3 Expert Group' and two working sub-groups on ‘Intermediaries’ and ‘Markets’
Deadline for comments is 11 September 2006.
Press release
Consultation paper
© CESR - Committee of European Securities Regulators
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