Mixed response to CESR paper

PARIS – Responses to a second consultation paper from the Committee of European Securities Regulators (CESR), which implements portions of the Markets in Financial Instruments Directive (MiFID), have been mixed.

The responses, published at the beginning of April, generally agreed that although progress had been made in bringing the CESR’s point of view around to that of the industry, more work had to be done. The consultation paper – one of several implementing MiFID – covers aspects of the definition of investment advice and of the general obligation to act fairly, honestly and professionally in the best interests of clients; best execution; and market transparency.

On dealing with retail clients, the