CESR Welcomes Progress In MiFID Implementation, Takes Steps To Facilitate Firms Crossborder Business By Streamlining Supervision Of Branches, And Issues Practical Arrangements To Ease Transition For Firms

CESR welcomes the successful implementation of MiFID in nearly all EU Member States. MiFID will become applicable on 1 November, 2007 and will benefit issuers and investors by opening up markets and cutting the costs of securities trading. MiFID will simplify and streamline the passporting regime for firms doing cross-border business, increasing competition and enabling greater EU financial integration.

Reflecting the high priority given by CESR to deliver supervisory convergence, CESR today announces important steps to provide clarity and assist market participants in the transition toward smooth implementation of the MiFID Directive on 1 November 2007.

CESR announces a common protocol for the supervision of branches under MiFID

CESR’s statement to ensure continuity of current passports granted to investment firms under the Investment Services Directive (ISD) in cases of late transposition of MiFID.

CESR publishes the revised Protocol on the MiFID Passport Notifications.

CESR provides an overview of how CESR Members will implement the discretions allowed under MiFID.

CESR responds to the European Commission's request for assistance on commodity derivatives.

CESR consults on its MiFID work-programme for 2007/2008.

For a summary of the documents published today, please see the Press Release.