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ProfessionalsPublicatiesInternationale berichtenArchief internationale berichtenCESR implementatiemaatregelen MiFID-Richtlijn

 

CESR implementatiemaatregelen MiFID-Richtlijn

CESR: advies voor implementatiemaatregelen met betrekking tot de MiFID-Richtlijn

Het betreft implementatiemaatregelen inzake de volgende onderwerpen:

  • general obligation to act fairly, honestly and professionally and in accordance with the best interest of the client-lending to retail clients
  • the definition on investment advice-generic and specific advice
  • best execution
  • transparency requirements

Het betreft een tweede consultatiedocument inzake deze onderwerpen. U kunt tot 4 april 2005 schriftelijk reageren op dit consultatiedocument (via de CESR-website).

Op 23 maart 2005 organiseert CESR een open hearing inzake dit onderwerp in Parijs. Ook de AFM zal een Open Hearing ten aanzien van dit onderwerp organiseren. Daar zult u via deze website nader over worden geinformeerd. 
 
Meer informatie vind u op de website van CESR. Deze vindt u via de 'Zie ook' link. 

Het originele bericht vindt u hieronder.

CESR Final Consultation on Best Execution and Transparency Requirement under the MiFID

CESR is today releasing a last consultation paper (Ref. CESR/05-164) on possible implementing measures needed of the Directive 2004/39/EC on Markets in Financial Instruments (MiFID). MiFID forms one of the cornerstones of the EU's securities regulatory regime, and is intended to deliver an effective 'single passport' allowing investment firms and regulated markets to operate across Europe, under a common set of rules which enhance the protection of European investors.

These measures are being developed on the basis of mandates given to CESR by the European Commission. Under these mandates, CESR has been asked to widely consult on many substantive areas set out in the MiFID and to provide its advice to the Commission on the possible implementing measures by two different deadlines: 31 January 2005 and 30 April 2005. CESR already sent its technical advice to the Commission on substantive areas of the MiFID (Ref: CESR/05-024c).

The consultation paper released today addresses the technical advice required by 30 April 2005 and covers the following areas:

  • 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 executions (Article 19 (1) and 21))
  • Transparency requirements (Article 4, 22(2), 27 to 30, 44 and 45)

CESR has already publicly consulted on its draft technical advice to the European Commission regarding most of these issues and received high number of responses. In some cases, this second consultation paper seeks comments from market participants on issues which appeared to be most debated during the previous consultation. As a result, this consultation paper reflects the current views of CESR on these issues taking into account the general results of the first round of consultation; in other cases the document presents new proposals.

An Expert Group on Intermediaries under the Chairmanship of Mr Callum McCarthy, Chairman of the UK's Financial Services Authority, and an Expert Group on Markets under the Chairmanship of Mr Karl Burkhard Caspari, Vice-President of the German Financial Services Authority (BaFin) are developing these measures. CESR's Expert Groups are also assisted by a Consultative Working Group of market experts (a full list of the members is available on CESR's website).

The deadline for submitting responses to the consultation paper is 4 April 2005. Responses should be submitted via the CESR website, in the section Consultations. Given the 30 April 2005 deadline set by the European Commission for receipt of CESR's advice, CESR cannot guarantee that due consideration will be given to responses received after 4 April 2005. CESR will publish all responses unless we have specifically been asked to keep a response confidential. A public hearing will be held on 23 March 2005.