CESR published its final technical advice on implementing measures for the Directive on Markets in Financial Instruments (MiFID) and the feedback statement in which it provides answers to the main issues raised by market participants during the public consultations.
The advice excludes the mandates on professional client agreements, investment research, best execution, order handling rules and admission of financial instruments to trading, which will be delivered by the end of April 2005. An updated work plan of CESR work on the specific mandates received under the MiFID is given in the annex.
In particular, the technical advice delivered covers:
Independence of compliance
Obligations related to internal systems, resources and procedures
Obligations to avoid undue additional operational risk in case of outsourcing
Record keeping obligation
Safeguarding of clients assets
Conflicts of interest
Fair, clear and not misleading information
Information to clients
Retail client agreement
Reporting to clients
Transaction reporting
Obligation to cooperate
Exchange of information
Press release
CESR's technical advice
Feedback Statement
© CESR - Committee of European Securities Regulators
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