In line with the MiFID Level 3 work programme CESR developed a questions and answers tool that seeks to provide clarity on issues where there is need for common views of EU supervisors. It is intended to provide responses in a quick and efficient manner to ‘everyday’ questions which are commonly posed to CESR by market participants, CESR members, or the public generally.
The answers posted will not constitute standards, guidelines or recommendations and are not legally binding as any other Level 3 tool; hence they are capable of having legal effects such as:
1) They may be used by Courts/Tribunal in assisting in the interpretation of level 1 and 2 material;
2) They may have relevance in an enforcement action conducted by a competent authority;
3) They may be seen as creating relevant considerations and legitimate expectations, particularly as regards the predictability of actions taken by competent authorities.
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© Graham Bishop
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