CESR second technical advice on MiFID

03 May 2005

CESR published its final technical advice on implementing measures for the Markets in Financial Instruments Directive (MiFID), and a feedback statement which provides answers to the main issues raised by market participants during the public consultations. The advice covers among others, clarifications on the scope of the Directive, some aspects of regulation on intermediaries including execution only service, best execution and eligible counterparties), and all areas on market transparency and requirements for admission to trading of financial instruments.

At present, the entire legislative package of measures will apply in EU Member States from 21 April 2006 but this may be delayed by one year subject to approval by the European co-legislature, under a proposal from the European Commission. CESR submitted its first advice under MiFID in January 2005 on mandates covering aspects of regulation of intermediaries and cooperation between competent authorities and enforcement.

The technical advice delivered covers:

Investment research;

Best execution;

Suitability test;

Execution only;

Eligible counterparties; and

Market Transparency (pre- and post trade transparency, and admission to trading);

Press release
CESR technical advice
Feedback statement

© CESR - Committee of European Securities Regulators