In the Feedback Statement,
CESR has sought to respond to comments made in response to its consultation paper “
CESR Technical Advice to the European Commission in the context of the
MiFID Review - Investor Protection and Intermediaries” (Ref. CESR/10-417). The Consultation Paper was published on 13 April 2010 and CESR’s Technical Advice was published on 29 July 2010 (Ref. CESR/10-859).
The Feedback Statement sets out CESR’s response to the issues respondents raised in respect of the following points:
Requirements relating to the recording of telephone conversations and electronic communications
CESR’s technical advice to the European Commission (Commission) proposes that the existing discretion in Article 51(4) of the
MiFID Level 2 Directive be replaced by a minimum harmonisation EEA recording obligation.
CESR considers that such a regime would be an important step forward in terms of certainty, consumer protection, and surveillance of markets.
Execution quality data (Article 44(5) of the MiFID Level 2 Directive)
CESR proposes requiring execution venues to produce regular reports demonstrating the quality of execution in shares.
MiFID complex vs. non-complex financial instruments for the purposes of the Directive’s appropriateness requirements
CESR’s technical advice to the Commission proposes amendments to clarify and to deliver a more graduated risk-based approach to the distinction between complex and non-complex financial instruments for the purposes of the Directive’s appropriateness requirements.
Definition of personal recommendation
CESR’s technical advice to the Commission proposes an amendment to the wording of Article 52 of the
MiFID Level 2 Directive to clarify that investment advice can be provided through distribution channels.
Supervision of tied agents and related issues
CESR’s technical advice to the Commission proposes amendments to the
MiFID tied agents’ regime.
MiFID options and discretions
CESR’s technical advice to the Commission proposes areas for further convergence with respect to the options and discretions in
MiFID and its implementing measures.
Feedback Statement
© CESR - Committee of European Securities Regulators
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