Banks slam "overly prescriptive" CESR
LONDON – Banks have hit back at the Committee of European Securities Regulators' (CESR) consultation on the content of minimum records lists. They regard CESR's latest efforts as overly prescriptive, in line with industry feeling towards CESR's Level 3 work in September 2006.
Focusing on the list of minimum records set out in Article 51(3) of the Markets in Financial Instruments Directive (Mifid), CESR launched its October consultation to look at forming a common approach to the issue. While responses broadly supported this in principle, banks became more sceptical once the content of the proposal became known.
The British Bankers' Association (BBA) agrees there is an even greater risk of inconsistency without a list of minimum records, and that a common list of
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