Responses
  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].

       
05 Apr. 2005Banking
ABN AMRO Bank
05 Apr. 2005Banking
AFI
13 Apr. 2005Banking
APB (Portuguese Bank Association) and APC (Portuguese Brokers Association)
05 Apr. 2005Banking
ASSORETI
05 Apr. 2005Banking
Banca Intesa
06 Apr. 2005Banking
Barclays
05 Apr. 2005Banking
Becker Büttner Held, law firm
05 Apr. 2005Banking
British Bankers' Association
05 Apr. 2005Banking
Bundesverband der Deutschen Volksbanken und Raiffeisenbanken (BVR)
05 Apr. 2005Banking
Danish Shareholders Association
12 Apr. 2005Banking
Deutscher Sparkassen- und Giroverband e.V.
05 Apr. 2005Banking
EACB (European Association of Co-operative Banks)
05 Apr. 2005Banking
European Association of Public Banks - EAPB
11 Apr. 2005Banking
European Savings Banks Group
07 Apr. 2005Banking
Fédération Bancaire de l'Union Européenne
11 Apr. 2005Banking
Fédération Bancaire Française
05 Apr. 2005Banking
Groupe Credit Agricole
08 Apr. 2005Banking
HVB Group
06 Apr. 2005Banking
Italian Banking Association
08 Apr. 2005Banking
La Société Générale
05 Apr. 2005Banking
Realkreditrådet
05 Apr. 2005Banking
SEB
05 Apr. 2005Banking
Spanish Banking Association
05 Apr. 2005Banking
the Swedish Shareholders’ Association
19 Apr. 2005Banking
UBS Investment Bank
06 Apr. 2005Banking
Zentraler Kreditausschuss
12 Apr. 2005Insurance, pension & asset management
Association Française de la Gestion financière (AFG)
06 Apr. 2005Insurance, pension & asset management
Association of British Insurers
05 Apr. 2005Insurance, pension & asset management
Association of the Luxembourg Fund industry (ALFI)
05 Apr. 2005Insurance, pension & asset management
ASSOGESTIONI
05 Apr. 2005Insurance, pension & asset management
BVI Bundesverband Investment und Asset Management e.V.
06 Apr. 2005Insurance, pension & asset management
European Fund and Asset Management Association
05 Apr. 2005Insurance, pension & asset management
Fidelity Investments
11 Apr. 2005Insurance, pension & asset management
Investment Management Association
05 Apr. 2005Insurance, pension & asset management
Irish Association of Investment Managers
05 Apr. 2005Insurance, pension & asset management
M&G Investment Management Limited
05 Apr. 2005Investment services
AFEI
05 Apr. 2005Investment services
ANASF - Associazione Nazionale Promotori Finanziari
05 Apr. 2005Investment services
APCIMS
05 Apr. 2005Investment services
Association of Members of the Athens Stock Exchange
05 Apr. 2005Investment services
Assosim
05 Apr. 2005Investment services
BNP PARIBAS
26 Apr. 2005Investment services
BNP Paribas
05 Apr. 2005Investment services
British Venture Capital Association
05 Apr. 2005Investment services
Bundesverband der Wertpapierfirmen an den deutschen Börsen e.V. - also on behalf of BÖAG Börsen AG, Börse München and Börse Stuttgart
06 Apr. 2005Investment services
Danish Bankers Association
12 Apr. 2005Investment services
DIF Broker
05 Apr. 2005Investment services
EFFAS
05 Apr. 2005Investment services
EURELECTRIC
05 Apr. 2005Investment services
Joint response by ISDA, ISMA, IPMA, ANSC, BSDAI, BMA, DSDA, FASD, FOA, LIBA, SSDA
14 Apr. 2005Investment services
Millenium BCP Investimento
14 Apr. 2005Investment services
Millenium BCP Investimento - Unofficial translation by the CMVM
05 Apr. 2005Investment services
The Chamber of Brokerage Houses
05 Apr. 2005Investment services
VFI
05 Apr. 2005Investor relations
Federation of German Consumer Organisations
09 May. 2005Issuers
EALIC
27 Apr. 2005Issuers
German Electricity Association (Verband der Elektrizitätswirtschaft - VDEW)
05 Apr. 2005Legal & Accountancy
City of London Law Society Regulatory Committee
05 Apr. 2005Legal & Accountancy
Institute of Chartered Accountants in England and Wales
05 Apr. 2005Legal & Accountancy
Law Firm - Linklaters
05 Apr. 2005Others
European federation of Energy Traders, EFET
07 Apr. 2005Others
Febelfin
05 Apr. 2005Others
Financial Services Consumer Panel
18 Apr. 2005Others
OPEX
05 Apr. 2005Press
Reuters
05 Apr. 2005Regulated markets, exchanges & trading systems
Bloomberg L.P.
11 Apr. 2005Regulated markets, exchanges & trading systems
BME Spanish Exchanges
07 Apr. 2005Regulated markets, exchanges & trading systems
Borsa Italiana
05 Apr. 2005Regulated markets, exchanges & trading systems
Deutsche Börse
06 Apr. 2005Regulated markets, exchanges & trading systems
Euronext
13 Apr. 2005Regulated markets, exchanges & trading systems
Federation of European Securities Exchanges
05 Apr. 2005Regulated markets, exchanges & trading systems
London Energy Brokers' Association
05 Apr. 2005Regulated markets, exchanges & trading systems
London Stock Exchange
05 Apr. 2005Regulated markets, exchanges & trading systems
OMX Exchanges
05 Apr. 2005Regulated markets, exchanges & trading systems
TLX S.p.A.
05 Apr. 2005Regulated markets, exchanges & trading systems
virt-x Exchange Limited
05 Apr. 2005Regulated markets, exchanges & trading systems
Warenterminboerse Hannover
06 Apr. 2005Regulated markets, exchanges & trading systems
Warsaw Stock Exchange
05 Apr. 2005Regulated markets, exchanges & trading systems
Wholesale Markets Brokers' Association