The EBF is concerned about the process and nature of the Q&A sections that the European Commission already maintains on its website on issues related to the MiFID, and that CESR intends to set up in the near future. In a letter to the Commission and CESR the FBE calls for more clarity on the role of both the Commission’s and CESR’s Q&A sections and on their mutual interaction. Also, there should be more transparency around the process in drawing up the responses as such.
The EBF is also concerned that the approach of ad hoc ‘tests’ with some market participants, as mentioned in CESR’s comments of its final MiFID workplan, would not be broad and open enough to ensure consistently that the full picture is taken into account. CESR does not plan a systematic industry involvement, but there might be an ad hoc involvement of some stakeholders where appropriate.
© Graham Bishop
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