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LIBA suggests that the professional investors category should be expanded further to include members of groups which contain corporate professionals non-EU companies. Other points mentioned by
LIBA are:
It is important that entities which wish to deal as counterparties are not prevented from doing so by over-rigid boundaries or criteria for the counterparty regime.
We are concerned about the application to the full range of professional investors of certain of the proposed standards. In particular, a best execution obligation or a suitability obligation would be quite inappropriate for large or sophisticated professional investors.
There is a need for very great caution to ensure that any duty to care for execution-only customers does not impede firms’ ability to respond to customers’ demand for such services.
In relation to both conduct of business standards and customer categorisation, it will be important to maintain appropriate consistency between the CESR standards and the relevant provisions in the proposed revision of the ISD.
http://www.liba.org.uk/',WIDTH, 300, SHADOW, true, FADEIN, 300, FADEOUT, 300, STICKY, 1,DURATION,3500)" onmouseout="UnTip()");">LIBA - CESR final consultation on harmonisation.doc ' target='_blank'>See full response
© LIBA - London Investment Banking Association
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