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The recent consultation paper addresses the technical advice required by 30 April 2005 and covers the general obligation to act fairly, honestly and professionally and in accordance with the best interests of the client - lending to retail clients (Article 19(1)), the definition of investment advice – generic and specific advice (Article 4(1)), best execution (Article 19 (1) and 21), and transparency requirements (Article 4, 22(2), 27 to 30, 44 and 45).
CESR has already publicly consulted on its draft technical advice to the Commission regarding most of these issues. This second consultation seeks comments from market participants on issues which appeared to be most debated during the previous consultation.
The deadline for responses is 4 April 2005. Given the 30 April 2005 deadline set by the Commission, CESR cannot guarantee that due consideration will be given to responses received after 4 April 2005. A public hearing will be held on 23 March 2005.
Press release
Document
Hearing