The FSA has published Policy Statement 07/15, Best Execution - Feedback on DP06/3 and CP06/19 (part) (PS07/15). In PS07/15 the FSA gives feedback on the remaining issues concerning best execution under the Markets in Financial Instruments Directive (MiFID) which arose from Discussion Paper 06/3, Implementing MiFID's best execution requirements (DP06/3) and Consultation Paper 06/19, Reforming Conduct of Business Regulation (CP06/19).
In PS07/15 the FSA states that it agrees with the content of the CESR level 3 paper, Best Execution under MiFID - Questions and answers (CESR Best Execution Q&A). Where the CESR Best Execution Q&A addresses an issue raised by respondents to DP06/3 or CP06/19, the FSA sees no reason to provide further comment. However, in PS07/15 the FSA does provide feedback on the responses to DP06/3 and CP06/19 which are not covered in the CESR Best Execution Q&A.
Chapter 3 of PS07/15 covers scope issues. In this chapter the FSA refers to the Commission's March 2007 response to CESR questions on the scope of MiFID's best execution requirements and confirms that it will proceed on the basis of that response. Chapter 4 of PS07/15 covers specialist regimes including corporate finance business and venture capital firms.
For further information, please refer to our MiFID updater. View PS07/15: Best execution - Feedback on DP06/3 and CP06/19 (part), 8 August 2007