CESR second consultation paper on MiFID

03 February 2005

CESR has release a second consultation paper on the Draft Technical Advice on Possible Implementing Measures of the Directive on Markets in Financial Instruments. The consultation paper covers two aspects, “requirements for financial instruments to be admitted to trading on Regulated Markets” and “Obligations for Regulated Markets to verify issuers´ compliance with disclosure requirements and to facilitate the flow of disclosed information to their members and participants.”

This second consultation document has several changes to the first one as the previous proposal used a different classification of instruments than the one used in the MiFID.

Respondents generally supported CESR's approach of proposing general requirements for instruments to be admitted to trading. However, there were some comments and questions about the treatment of certain instruments. In order to clarify that issue and aligning the presentation with MiFID, CESR has changed the structure of the proposal and now lists the requirements for each type of financial instruments covered by the MiFID. The general approach which was appreciated by the respondents has been retained and reflected by proposing that no level 2 provisions are needed for certain type of instruments.

Consultation closes on 3 March 2005.

Document

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