Closing date : 09 Feb. 2007
Consultation on The Passport under MiFID

15 Dec. 2006 - This consultation paper presents proposals and questions for a common approach on the notification procedures set out in Articles 31 and 32 of MiFID and on the future collaboration between the home and host authorities that will be necessary in order to guarantee efficient and consistent supervision of cross-border activities, taking into account the provisions of the directive included in chapter II of title IV. 8. The main aims of these proposals and questions can be summarized as follows: - maximum harmonisation of the notification procedures; - uniform interpretation of Articles 31 and 32; - enhancing collaboration between host and home regulators during the authorisation and supervision phases; - clarifying some aspects regarding the supervision of tied agents, Multilateral Trading Facilities (MTF) and representative offices.; - elaboration of pragmatic solutions for the transition from the ISD passport to the MiFID passport; - prioritisation of those aspects where investment firms need clarity in the short term.

CESR invites responses to this consultation paper. Respondents can post their comments directly on CESR’s website ( under the section “Consultations”. The consultation closes on 9 February 2007.

The purpose of this consultation is to receive feedback on the contents of this document and to the specific questions it contains. CESR has included these questions to highlight those areas in which it would be particularly helpful to have the views of respondents. Comments are, of course, welcome on all aspects of the proposals but, if changes are required, a rationale accompanied by practical examples of the impact of the proposals would be very useful. CESR also welcomes specific drafting suggestions if respondents are seeking changes to the proposals. Respondents are also welcome to make any relevant points which they do not think are covered directly by the questions.

 15 Dec. 2006
Consultation paper - the passport under MiFID