Compliance and the role of intermediaries are on the agenda of the first consultation paper on the Markets in Financial Instruments Directive (MIFID) today delivered to the European Commission by the Committee of European Securities Regulators (CESR).
The consultation is broken down into three main sections: regulation of intermediaries, markets, and cooperation and enforcement issues. While wide ranging in scope, the specific recommendations on intermediaries, compliance and best execution are probably those most directly relevant to IFAs. Among the intermediary issues tackled include: organisational requirements internal compliance and control internal procedures and systems for the provision of services outsourcing of services record keeping safeguarding of clients’ assets and funds identification and management of confl...
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