On May 29, The Committee of European Securities Regulators (CESR)announced the completion of their work in relation to MiFID aimed at fosteringsupervisory convergence and securing consistent implementation among EU Member State regulators in the day-to-day application of the MiFID provisions. CESR has now published guidance and recommendations on inducements,best execution, passporting and transaction reporting which focuses onoperational aspects and practical solutions that arise as a consequence ofMiFID.