CESR has published questions and answers on the definition of "advice" under MiFID and a feedback statement on the related consultation. In October 2009 CESR published a consultation paper called "understanding the definition of advice under MiFID". This was designed to clarify and demonstrate situations where firms will, or will not, be considered as providing investment advice. The set of questions and answers reflect CESR's statement of its policy following its consultation paper.

The key subjects covered in this Q&A include:

  • the provision of personal recommendations on whether other forms of presenting information such as "investment research" filtering, general recommendations, generic advice constitute "investment advice";
  • issues around the form of communication, including whether the internet is always a distribution channel; "messages to multiple clients", distinguishing corporate finance and investment advice and whether these are mutually exclusive.