Template:Express prior consent: Difference between revisions
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Is [[express prior consent]] | ===Prior consent, express prior consent, prior express consent, and MiFID=== | ||
Is “[[express prior consent]]” — a [[MiFID II]] expression, the same thing as “[[prior express consent]]” also a [[MiFID II]] expression featuring a lot in the context of [[best execution]]? | |||
Who can say? | Who can say? And what of plain old “[[prior consent]]” — ''also'' a [[MiFID II]] expression — admitting as it does, of nods, winks, raised eyebrows and putting two and two together? | ||
Let [[CESR]] explain:<ref>See: [[CESR]]’s "[[Media:CESR Best Execution QA 07_320.pdf|Best Execution under MiFID]]" Questions and Answers document of May 2007 (CESR/07-320)</ref> | |||
{{quote|Q21 '''What is the difference between “consent” and “express consent”?''' | |||
21.1 Where [[MiFID]] requires “[[prior express consent]]”, CESR considers that this entails ''an actual demonstration of consent by the client which may be provided by signature in writing or an equivalent means'' (electronic signature), by a click on a web page or orally by telephone or in person, with appropriate record keeping in each case.}} | |||
Prior ''normal'' consent, on the other hand, does not. You can [[deem]] it by conduct — the placement of an order, for example. Or a nod, wink, waggle of the head or unambiguous bodily action. | |||
Latest revision as of 13:30, 14 August 2024
Prior consent, express prior consent, prior express consent, and MiFID
Is “express prior consent” — a MiFID II expression, the same thing as “prior express consent” also a MiFID II expression featuring a lot in the context of best execution?
Who can say? And what of plain old “prior consent” — also a MiFID II expression — admitting as it does, of nods, winks, raised eyebrows and putting two and two together?
Q21 What is the difference between “consent” and “express consent”?
21.1 Where MiFID requires “prior express consent”, CESR considers that this entails an actual demonstration of consent by the client which may be provided by signature in writing or an equivalent means (electronic signature), by a click on a web page or orally by telephone or in person, with appropriate record keeping in each case.
Prior normal consent, on the other hand, does not. You can deem it by conduct — the placement of an order, for example. Or a nod, wink, waggle of the head or unambiguous bodily action.
- ↑ See: CESR’s "Best Execution under MiFID" Questions and Answers document of May 2007 (CESR/07-320)