In the context of
its review of the Markets in Financial Instruments Directive (MiFID), the
European Commission (EC) posed a series of questions to CESR.
The main points in
the consultation paper are the following:
Technical criteria
to further distinguish within the current broad categories of clients [“other
authorised or regulated financial institutions”, “locals”, “other institutional
investors” (Annex II.I(1) (c), (h), (i) of MiFID)]: Part 1 of the consultation
paper asks whether distinctions should be made between regulated entities for
the purposes of determining which entities are to be treated as “per se”
professional clients.
Public debt bodies:
Part 2 of the consultation paper asks whether it is necessary to clarify, for
the purposes of the client categorisation regime, whether local
authorities/municipalities can be treated as public debt bodies.
Other client
categorisation issues: Part 3 of the consultation paper asks whether tests of
knowledge and experience should be used more widely for client categorisation
than is currently the case, whether for very complex products (such as asset
backed securities and non-standard OTC derivatives) the scope of the eligible
counterparty categorisation should be narrowed and what standards should apply
to transactions done with eligible counterparties.
Press release
© CESR - Committee of European Securities Regulators
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