CESRs technical advice on first set of mandates on MiFID

03 February 2005

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