The Committee of European Securities Regulators (CESR) has published its second consultation on the draft recommendations for inducements under the Markets in Financial Instruments Directive (MiFID). The consultation paper contains six draft recommendations which have been developed from the material published in the December 2006 consultation paper entitled Inducements under MiFID.
CESR has not altered its interpretation of Article 26 of the Level 2 Directive which it adopted in its first consultation paper, published in December 2006. However, it has offered greater guidance on the interpretation of "designed to enhance the quality of the service".
There will be a public hearing on 24 April 2007 and responses are required by 27 April 2007.