16 May 2005

Summary of conclusions of MiFID Consumer Day, 22 March

On 22nd March 2005, CESR hosted in Paris a Consumer Day on CESR’s work on the Markets in Financial Instruments Directive (MiFID) mandates. Consumers´ representatives raised some general issues which might help to increase responses from consumers’ representatives to CESR consultations. They stated that consumer associations do not necessarily have either the financial knowledge or staff to be in a position to prepare considered responses. In addition, financial services were not always a high priority for consumers.

However, on a practical level, the need for translations from English to national languages was mentioned as a factor which represents an obstacle to their active participation. They also stated that CESR’s consultation papers are not always reader friendly. In particular, they would welcome having executive summaries and explanations of the proposals and the reasons why they are especially important from consumers´ point of view.

CESR representatives noted the proposals with interest. Regarding the translations or other help, it was pointed out that the national CESR members are most likely to be the natural contact point in this respect. Finally, the representatives highlighted the importance of investor education and the need to have it high on the political agenda.

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