CESR issued a consultation on the passport under MiFID. The consultation paper presents proposals and questions for a common approach on the notification procedures set out in Articles 31 and 32 of
MiFID and on the future collaboration between the home and host authorities that will be necessary in order to guarantee efficient and consistent supervision of cross-border activities, taking into account the provisions of the directive included in chapter II of title IV.
The main aims of these proposals and questions can be summarized as follows:
maximum harmonisation of the notification procedures;
uniform interpretation of Articles 31 and 32;
enhancing collaboration between host and home regulators during the authorisation and
supervision phases;
clarifying some aspects regarding the supervision of tied agents, Multilateral Trading
Facilities (MTF) and representative offices;
elaboration of pragmatic solutions for the transition from the ISD passport to the MiFID
passport;
prioritisation of those aspects where investment firms need clarity in the short term.
Deadline for comments is 31 January 2007
Consultation paper
© CESR - Committee of European Securities Regulators
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