Responses
  Closing date : 09 Feb. 2007  
Consultation on Inducements under MiFID

22 Dec. 2006 - Article 19(1) of the Level 1 Markets in Financial Instruments Directive 2004/39/EC ("MiFID") provides that when providing investment services and/or, where appropriate, ancillary services to clients an investment firm must act honestly, fairly and professionally in accordance with the best interests of its clients. Article 26 of the Level 2 Implementing Directive 2006/73/EC (entitled "Inducements") sets further requirements in relation to the receipt or payment by an investment firm of a fee, commission or non-monetary benefit. CESR is considering issuing a recommendation to its members setting out a common approach to the operation of Article 26 of the Level 2 Directive. This consultation paper presents proposals and questions which will assist it in developing that recommendation. Consulting in this way will help to ensure that the views of the industry and consumers can be fully taken into consideration. The consultation paper: - Provides a general explanation of Article 26 and identifies inducements as a source of conflicts of interest. - Discusses the circumstances in which a fee or other benefit will be considered to be paid or provided to or by the client or a person acting on behalf of the client. - Discusses the application of the conditions that third party receipts and payments must meet in order not to be prohibited, illustrating the concepts with a number of examples. - Discusses some issues to do with disclosure. - Discusses the position of tied agents under Article 26. - Asks for respondents' views on the application of Article 26 to softing and bundling arrangements.

This consultation paper is open for comments until 9 Febuary 2007. Please post your comments online.

       
15 Feb. 2007Banking
ABBL
15 Feb. 2007Banking
ABN AMRO Bank
15 Feb. 2007Banking
Banco Santander
22 Feb. 2007Banking
BBA
15 Feb. 2007Banking
BNP PARIBAS GROUP
15 Feb. 2007Banking
EACB (European Association of Cooperative Banks)
16 Feb. 2007Banking
ESBG
15 Feb. 2007Banking
European Association of Public Banks (EAPB)
15 Feb. 2007Banking
European Banking Federation
20 Feb. 2007Banking
French Banking Federation
15 Feb. 2007Banking
Intesa Sanpaolo
15 Feb. 2007Banking
Irish Banking Federation
15 Feb. 2007Banking
Italian Banking Association
15 Feb. 2007Banking
Spanish Banking Association
15 Feb. 2007Banking
State Street
15 Feb. 2007Banking
UBS AG
15 Feb. 2007Banking
Zentraler Kreditausschuss
15 Feb. 2007Insurance, pension & asset management
AFG
15 Feb. 2007Insurance, pension & asset management
Association of British Insurers
15 Feb. 2007Insurance, pension & asset management
assogestioni
15 Feb. 2007Insurance, pension & asset management
ASSOSIM
15 Feb. 2007Insurance, pension & asset management
Aviva plc
15 Feb. 2007Insurance, pension & asset management
BEAMA
15 Feb. 2007Insurance, pension & asset management
BidRoute Limited
15 Feb. 2007Insurance, pension & asset management
BlackRock Investment Management (UK) Limited
15 Feb. 2007Insurance, pension & asset management
BVI Bundesverband Investment und Asset Management e.V.
15 Feb. 2007Insurance, pension & asset management
EFAMA
15 Feb. 2007Insurance, pension & asset management
Fidelity International
15 Feb. 2007Insurance, pension & asset management
INVERCO (Spanish Association of Collective Investment Schemes and Pension Funds)
15 Feb. 2007Insurance, pension & asset management
INVESCO
15 Feb. 2007Insurance, pension & asset management
Investment Company Institute
15 Feb. 2007Insurance, pension & asset management
Investment Management Association
15 Feb. 2007Insurance, pension & asset management
Irish Association of Investment Managers
15 Feb. 2007Insurance, pension & asset management
KBC Asset Management NV
15 Feb. 2007Insurance, pension & asset management
Pioneer Investment
15 Feb. 2007Insurance, pension & asset management
Schroders
15 Feb. 2007Insurance, pension & asset management
SGAM
15 Feb. 2007Insurance, pension & asset management
The Swedish Investment fund Association
15 Feb. 2007Insurance, pension & asset management
Threadneedle Investments
15 Feb. 2007Investment services
AFEI
15 Feb. 2007Investment services
ASSORETI
16 Feb. 2007Investment services
Bloomberg L.P.
15 Feb. 2007Investment services
British Venture Capital and Private Equity Association
15 Feb. 2007Investment services
Crystal Finance Investments
15 Feb. 2007Investment services
EFFAS
15 Feb. 2007Investment services
FOGAIN
15 Feb. 2007Investment services
Raiffeisen Capital Management
15 Feb. 2007Investor relations
FAIDER
15 Feb. 2007Investor relations
Federation of German Consumer Organisations
15 Feb. 2007Issuers
IG Markets Limited
15 Feb. 2007Legal & Accountancy
City of London Law Society
21 Feb. 2007Others
Advisory Committee of the Spanish Securities Regulator
15 Feb. 2007Others
ALFI
15 Feb. 2007Others
Association of Foreign Banks in Germany
15 Feb. 2007Others
Danish Shareholders Association
15 Feb. 2007Others
Davenport Chadwick (CIFSA)
15 Feb. 2007Others
Deutsches Aktieninstitut
15 Feb. 2007Others
European Financial Planning Association
15 Feb. 2007Others
FECIF
15 Feb. 2007Others
Financial Services Consumer Panel
15 Feb. 2007Others
ISDA, ICMA, AMF, APCIMS, AFB, BWF, DSDA, Euribor, FASD, FOA, IFSA, NSDA, LIBA, SIFMA, SSDA
15 Feb. 2007Others
Millennium bcp
15 Feb. 2007Others
V/F/I Verband der Finanzdienstleistungsinsitute e.V
15 Feb. 2007Others
VuV Verband der unabhängigen Vermögensverwalter Deutschland e.V.
15 Feb. 2007Regulated markets, exchanges & trading systems
Association of Members of the Athens Exchanges
15 Feb. 2007Regulated markets, exchanges & trading systems
FESE
16 Feb. 2007Regulated markets, exchanges & trading systems
Irish Stock Exchange