FSA (UK) published on 2006-10-31 a consultation paper CP06/19 on Best execution and Conduct of Business Rules. The paper contains 350 pages. Responses are due on 2006-11-28.
In addition there is an Annex of 401 pages.
Archive for October, 2006
FSA (UK) publishes consultation paper on Best Execution and Conduct of Business Rules
Published by October 31st, 2006 in www.nordicsecurities.org, United Kingdom (UK) and FSA (UK). 0 CommentsThe implementation of MiFID in Denmark
Published by October 26th, 2006 in www.nordicsecurities.org, Denmark, FSA (DK), Finance Ministry (DK), DSDA (DK) and Timelines. 0 CommentsIn Denmark MiFID will be implemented through a revision of the Danish Securities Trading Act and Financial Business Act and through a number of national regulations which primarily implement the level 2-Directive.
The Danish FSA has drafted a proposal for an amendment bill which was presented to the Parliament by the Minister of Economics and Business […]
CESR adopts MiFID L3 work programme and consults on market transparency and records
Published by October 23rd, 2006 in www.nordicsecurities.org, Sweden, Denmark, Norway, Finland, Iceland, DSDA (DK), SSDA (SE), FASD (FI), BSDA (IS), United Kingdom (UK), NSDA (NO), Nordic Countries in common, EU, LIBA and CESR. 0 CommentsCESR adopted on 2006-10-20 its MIFID Level 3 programme, and published two consultation papers relating to MIFID implementation:
(1) Publication and consolidation of market transparency information with response deadline 2006-12-15 and (2) Minimum list of records with response deadline 2006-11-27. All the documents are accessible via this link
Earlier this year CESR published a call for evidence on consolidation of market transparency information. LIBA jointly […]
German Ministry of Finance publishes draft bill on MiFID transposition
Published by October 19th, 2006 in www.nordicsecurities.org, Other countries, Germany, BDB, Finance Ministry (DE) and bwf. 0 CommentsThe German Ministry of Finance (Bundesministerium der Finanzen) published on 2006-09-14 a draft bill on the transposition and implementation of MiFID, 2006-09-14-entwurf-frug.pdf with considerations and justifications, 2006-09-14-entwurf-begrundg-frug.pdf
The German trade associations representing the banking industry jointly responded on 2006-10-11 through Centraler Kreditausschuss, see zka-2006-10-11-stn-refe.pdf.
The German Federal Association of Securities Trading Firms at the German Stock Markets, Bundesverband der Wertpapierfirmen […]
Implementation of MiFID in Iceland
Published by October 18th, 2006 in www.nordicsecurities.org, Iceland and BSDA (IS). 0 CommentsA public working group is currently working on a proposal for a new Act that amends the Act on Securities Transactions, the Act on Financial Undertakings, the Act on Activities of Stock Exchanges and Regulated OTC marktes and the Act on official Supervision of Financial Operations, implementing the MiFID.
The Icelandic Ministry of Commerce aims to […]
The Finnish Ministry of Finance report on MiFID transposition
Published by October 13th, 2006 in www.nordicsecurities.org, Finland, Finance Ministry (FI) and FASD (FI). 0 CommentsThe Finnish Ministry of Finance published a Report on the transposition of MiFID in June 2006 and sent it off for consultation. The proposed laws implement MiFID Level 1 and partly MiFID Level 2. The official draft law proposal follows, mifid-draft-bill-finland.pdf. FASD responded on 2006-09-07, FASD response
The Finnish Ministry of Finance will probably publish their proposal (“the […]
FSA (UK) Informal discussion paper Implementing Client Classification requirements
Published by October 10th, 2006 in www.nordicsecurities.org, Other countries, United Kingdom (UK) and FSA (UK). 0 CommentsFSA (UK) published in August 2006 an Informal discussion paper Implementing Client Classification requirements
FSA (UK) CP 06/14 Implementing MiFID for Firms and Markets
Published by October 10th, 2006 in www.nordicsecurities.org, Other countries, United Kingdom (UK) and FSA (UK). 0 CommentsFSA (UK) published in July 2006 a consultation paper CP 06/14 Implementing MiFID for Firms and Markets covering MiFID issues such as: Part I: Authorisation, Passporting and Enforcement, Part II: Client assets and prudential issues, Part III: Markets (RM,MTF and OTC). Responses are due 2006-10-31. LIBA and other trade associations in the UK are currently […]
FSA (UK) CP 06/9 Organisational systems and controls (SYSC)
Published by October 10th, 2006 in www.nordicsecurities.org, United Kingdom (UK), FSA (UK) and LIBA. 0 CommentsFSA (UK) published in May 2006 a consultation paper CP 06/9 Organisational systems and controls (SYSC) regarding a common platform for firms to comply with commensurate provisions in CRD (Capital Requirements Directive) and in MiFID. CP 06/9 covers MiFID issues such as Organisational Requirements, Employees, Agents, Compliance, Internal Audit, Risk Control, Outsourcing, Record Keeping and […]
French guidance on Best Execution issued by the regulator AMF
Published by October 10th, 2006 in www.nordicsecurities.org, Other countries, United Kingdom (UK), France (FR) and LIBA. 0 CommentsAMF (Autourité des Marchés Financiers), the French regulator, issued 2006-08-04 for consultation until end of October 2006 a proposal for a Guidance (English version) on Best Execution for response by end October 2006.
AFEI (Association Francaise des Enterprises d’Investissement) has responded to AMF: AFEI response to AMF on Best Execution
Response to AMF by ICMA (International Capital Market Association), ISDA (International Swaps and […]
Swedish Governmental Commission report on new agency law
Published by October 9th, 2006 in www.nordicsecurities.org, Sweden, Finance Ministry (SE) and SSDA (SE). 0 CommentsThe Swedish Governmental Commission published 2006-01-26 a proposal for a new agency law. This proposed law could interfere with certain provisions of MiFID with respect to credit institutions and investment firms when acting in the capacity of an agent.
SSDA and the Swedish Bankers Association responded on 2006-08-14. In a separate Annex was a comment made upon liability for measures over which the person […]
Norwegian Government Commission’s law proposal
Published by October 9th, 2006 in www.nordicsecurities.org, Norway, FSA (NO), Finance Ministry (NO) and NSDA (NO). ClosedThe Norwegian Government Commission (Verdipapirmarkedslovutvalget) published on 2006-02-21 a proposal for a new Act on Securities Trading and a new Act on Regulated Markets (NOU 2006:3 Om markeder for finansielle instrumenter) implementing MIFID Level 1 and the Transparency Directive. The law proposal (NOU 2006:3) was sent for consultation to the market participants, see link for the […]
EC - MiFID pre- and post trade transparency provisions for non-equities - call for evidence
Published by October 9th, 2006 in www.nordicsecurities.org, Sweden, Denmark, Norway, Finland, Iceland, DSDA (DK), SSDA (SE), FASD (FI), BSDA (IS), United Kingdom (UK), NSDA (NO), Nordic Countries in common, EU, LIBA and EC. 0 Comments EC published 2006-06-12 a call for evidence on pre- and post trade transparency provisions of MiFID in relation to transactions in classes of financial instruments other than shares, see EC call for evidence - market transparency
LIBA and several other trade associations among them the Nordic associations responded on 2006-09-15. (Joint response of 13 trade associations).
LIBA along with […]
FSA (UK) DP 06/3 Implementing MiFID’s best execution requirements
Published by October 6th, 2006 in www.nordicsecurities.org, United Kingdom (UK), FSA (UK) and LIBA. 0 CommentsFSA (UK) published in May 2006 a discussion paper DP 06/3 “Implementing MiFID’s best execution requirements”,
LIBA and other UK based trade associations responded, see Response to FSA DP 06/3 best execution
CESR work programme for MiFID Level 3 work
Published by October 6th, 2006 in www.nordicsecurities.org, Sweden, Denmark, Norway, Finland, Iceland, DSDA (DK), SSDA (SE), FASD (FI), BSDA (IS), United Kingdom (UK), NSDA (NO), Nordic Countries in common, EU, LIBA and CESR. 0 CommentsCESR published on 2006-07-18 a draft work programme for its MiFID Level 3 work.
LIBA and other Trade Associations including the five Nordic securities dealers associations responded on 2006-09-11, Response: CESR public consultation on its draft work programme for MIFID Level 3 work.
MiFID - Main directive and level 2 implementation directive and regulation
Published by October 6th, 2006 in www.nordicsecurities.org, Nordic Countries in common, EU and EC. 0 CommentsMiFID - Level 1 - Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments was adopted on 2004-04-21, (in Swedish)
MiFID - Level 2 implementation directive, (in Swedish, link) and implementation regulation, (in Swedish), by the European Commission was adopted on 2006-06-30
MiFID Amending directive 2004/39/EC regarding certain deadlines adopted on 2006-04-05,
Swedish Government Commision report on MiFID
Published by October 6th, 2006 in www.nordicsecurities.org, Sweden, FSA (SE), Finance Ministry (SE) and SSDA (SE). 0 CommentsThe Swedish Government Commission “Värdepappersmarknadsutredningen” published its report for consultation in April 2006.
SSDA and Swedish Bankers Association responded 2006-08-14,
FSA (SE) responded 2006-08-14,
Timetable for MiFID transposition in Sweden
Published by October 6th, 2006 in www.nordicsecurities.org, Sweden, FSA (SE), Nordic Countries in common and Timelines. 0 CommentsThe FSA (SE) has published a timetable for the transposition of MiFID to law, regulations and general guidelines.
Compliance day in Stockholm 2006-09-29
Published by October 4th, 2006 in www.nordicsecurities.org, Sweden, FSA (SE) and SSDA (SE). Closed SSDA arranged in collaboration with the FSA its annual Compliance Day 2006 on September 29. A short presentation of the development from ISD to MiFID and expected consequences was delivered by Lars Nordström, From ISD to MiFID - consequences
The seminar covered the following topics:
The annual FSA message to the industry by Gent Jansson, FSA Chief […]
