CESR issued today a consultation paper seeking to clarify and illustrate situations where firms will, or will not, be considered as providing investment advice. Investment advice is an investment service under MiFID, which is why the distinction is important.
The main areas of the consultation focus on topics including:
- The provision of personal recommendations;
- The presentation of recommendations;
- Perimeter issues around the definition of personal recommendation; and
- Issues around the form of communication.
CESR invites responses to this consultation from all stakeholders by 14 December 2009.
