The Committee of European Securities Regulators (CESR) has published its Markets in Financial Instruments Directive (MiFID) Level 3 work programme for 2008. The work programme for the coming year is proposed to be structured on the following pillars:

  • Mandates issued by the European Commission.
  • Establishment of a CESR MiFID Q&A.
  • Thematic work.
  • Supervisory work. 
  • On-going technical work for the application of the Level 2 regulation on markets.
  • Cooperation with other committees of regulators.

The CESR MiFID Q&A will follow the model that is currently used by CESR for the Prospectus Directive and will be given high priority. The legal status of the answers posted on the Q&A will not constitute standards, guidelines or recommendations and will not be legally binding. However, the answers may be used by courts in assisting the interpretation of Level 1 and Level 2 material and may have relevance in an enforcement action conducted by a competent authority.

In relation to thematic work CESR has stated that the key topics that market participants have identified are conflicts of interest, best execution and inducements (softing and unbundling). CESR will make its final decision on thematic work in May 2008. The thematic work will not start until late in Q2 2008 or early Q3 2008.

View CESR publishes MiFID Level 3 work programme for 2008, 5 February 2008