On August 8, the Financial Services Authority published additional feedback on best execution issues it had not addressed in its previous guidance and also on issues arising from the publication of the Committee of European Securities Regulators (CESR) questions and answer document on best execution requirements under the EU Markets in Financial Instruments Directive (MiFID).

The FSA document addresses such matters as requirements for client consent, establishing contractual rights in addition to the regulatory obligation to give best execution, the availability of data for over-the-counter markets, requirements for execution and transmission policies. The feedback also clarifies the FSA’s position on the application of best execution in respect of quote-driven markets, corporate finance, venture capital and securities lending.