CLLS responds to MiFID 2 consultation: CLLS has published its response to ESMA's consultation paper (CP) on the technical advice it is to provide under, mainly, the recast Markets in Financial Instruments Directive (MiFID 2). Among other issues it deals with, CLLS' response requests that:

  • product governance requirements be restricted to structured retail products, rather than being applied in respect of the entire investment market and any investment services;
  • underwriting and placing firms not be expected to provide certain information before they have actually been appointed; and
  • ESMA should clarify the extent to which a portfolio manager or receiver and transmitter may rely on an intermediary to provide best execution.

(Source: CLLS Response to MiFID 2 Consultation)