Consultations
Closing date : 04 Apr. 2005
Second Consultation Paper on CESR’s Draft Technical Advice on Possible Implementing Measures of the Directive 2004/39/EC on Markets in Financial Instruments

03 Mar. 2005 - This consultation paper covers the following questions.
a.The application of the general obligation to act fairly, honestly and professionally in the best interest of clients where the investment firm grants a credit or loan of money to a retail client, or arranges for a third party to do so. This consultation document presents a new proposal in this area.
b.Whether the definition of “investment advice” should be limited to recommendations relating to specific financial instruments (eg "buy 500 shares in company x") or should be extended to also cover more generic recommendations (eg "you should invest in an equity UCITS fund" or "you should invest 50% of your money in equities and 50% in bonds"). This was one of the most debated issues arising out of the first consultation paper on the second round mandates. This consultation paper outlines CESR's developing thinking about this issue in the light of the responses to the first consultation document. This paper does not deal with other aspects of the definition of "investment advice" (such as the meaning of a "personsal" recommendation). CESR will continue its work on these other aspects of the definition of "investment advice" during the period for the submission of responses to this paper.
c.Best execution. This paper addresses five mandates regarding investment firms' duty of best execution. We turn first to CESR's mandate under Article 19(1), which permits CESR to clarify that the best execution obligations under Article 21 apply to investment firms that provide the services of portfolio management and/or order reception and transmission. The paper turns next to the mandates under Article 21.
d.Market Transparency. This section combines the proposals on transparency which were included in the CESR consultation documents of June 2004 and of October 2004. It includes proposals relating to market transparency for Regulated Markets, MTFs and investment firms, including Systematic internalisers.In order to give a comprehensive picture of the proposed level 2 measures on market transparency, the structure of the proposed advice has been changed from the previous documents. The present document contains the following sections:
•Definition of Systematic internaliser
•Pre-trade transparency (including RMs, MTFs, Systematic internalisers and Limit orders display)
•Post-trade transparency
•Treatment of transactions which are large in scale compared to normal market size
•Publication of transparency information [and consolidation of the information].

 24 Mar. 2005
Annex 7 to the Consultation document: Data on Shares subject to Article 27 of the MiFID - Ireland
 
[05-164 Annex 7]
 24 Mar. 2005
Annex 8 to the Consultation document: Data on Shares subject to Article 27 of the MiFID
 
[05-164 Annex 8]
 21 Mar. 2005
Annex 2 to the Consultation document: Data on Shares subject to Article 27 of the MiFID
 
[05-164 Annex 2]
 21 Mar. 2005
Annex 3 to the Consultation document: Data on Shares subject to Article 27 of the MiFID - Euronext Amsterdam
 
[05-164 Annex 3]
 21 Mar. 2005
Annex 4 to the Consultation document: Data on Shares subject to Article 27 of the MiFID - Euronext Brussels
 
[05-164 Annex 4]
 21 Mar. 2005
Annex 5 to the Consultation document: Data on Shares subject to Article 27 of the MiFID - Euronext Lisbon
 
[05-164 Annex 5]
 21 Mar. 2005
Annex 6 to the Consultation document: Data on Shares subject to Article 27 of the MiFID - Euronext Paris
 
[05-164 Annex 6]
 11 Mar. 2005
Annex 1 to the Consultation document: Data on Shares subject to Article 27 of the MiFID
 
[05-164 Annex 1]
 03 Mar. 2005
Press Release - CESR Final Consultation on Best Execution and Transparency Requirement under the MiFID
 
[05-163]
 03 Mar. 2005
Draft Technical Advice on Possible Implementing Measures of the Directive 2004/39/EC on Markets in Financial Instruments
 
[05-164]