More clarity offered on Mifid
The European Union has published draft implementation rules on its Markets in Financial Instruments Directive (Mifid), giving Europe's financial institutions greater clarity on how to comply with the directive. But some bankers have criticised the potential costs of the regulation as too high, while consultants have suggested that the directive might be inconsistently applied across the various member states of the EU.
Mifid will replace the existing Investment Services Directive, and aims to create a more transparent single market for financial services in Europe and enhance investor protection. The 'Level 2' paper gives further details on best execution obligations, appropriateness and suitability tests, and the publishing of pre- and post-trade data.
In the case of best execution, investment firms have to take account of the characteristics of the client (for example, retail or professional) and decide on
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