CESR issued its recommendations on passporting and a protocol on notifications to foster supervisory convergence and consistent implementation in the application of the Passporting provisions under MiFID. The passporting recommendations set out a number of practical proposals to promote a common supervisory approach to Article 31 and Article 32 of the
MiFID to guarantee efficient and consistent supervision of firm's cross-border activities..
The paper contains 20 recommendations which set out:
A harmonised approach and a common interpretation to the notification procedures set out in Article 31(3) and Article 32(6) of MiFID;
A commitment to further work to develop a common model of practical cooperation regarding the supervision of branches;
Clarifications on aspects regarding the supervision of tied agents, MTFs and representative offices;
Transitional arrangements for the transition from the ISD to the MiFID passport.
The Protocol on notifications provides a framework for cooperation between Competent Authorities with regard to the passport notification process for investment firms and market operators operating an MTF in the EEA under Article 31 and Article 32 of the MiFID. The substance of the Protocol details:
The content and nature of the information to be provided by the Home to the Host Competent Authority in the initial notification;
The means of transmitting the notification;
The timelines for transmission;
The addressee of the notification;
The determination of who is responsible for guaranteeing its safe receipt; and
The practicalities of dealing with notifications of changes to the information provided in the initial notification.
CESR also publishes a Feedback Statement which sets out how the issues raised during consultation have been considered and reflected in the final recommendations.
Press release
Recommendations - The passport under MiFID
Protocol on MiFID Passport Notifications
Feedback statement
© CESR - Committee of European Securities Regulators
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