02 March 2007

EBF response on Guidelines on MiFID Transaction Reporting

Responding to the CESR Guidelines in MiFID transaction reporting the EBF underlines that the timing of such guidance has now become critical. CESR’s guidance on the most important elements of MiFID must be finalised by the end of the first quarter of 2007, the EBF says. This would provide industry with a degree of certainty which would allow firms to proceed with their implementation plans.

The EBF believes that key to achieving effective pan-European supervision is the efficient exchange of information with appropriate levels of standardisation in the transaction data that is delivered. This will imply that it will become, over time, increasingly less relevant to which supervisory authority transaction reports are made.

Further guidance should only then be issued - after due consultation with the market - in 2008 and after the date for MiFID implementation has passed.

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