Template:Express prior consent: Difference between revisions

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Is [[express prior consent]] - a {{t|MiFID II}} expression featuring, among other things, in {{tag|CASS}} {{cassprov|6.4.1}}, the same thing as [[prior express consent]] also a {{t|MiFID II}} expression featuring a lot in the context of [[best execution]]?
===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? They're definitely different from [[prior consent]].
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?


====[[Prior consent]] and [[prior express consent]]====
Let [[CESR]] explain:<ref>See: {{tag|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>
You see, there's [[prior consent]] and [[prior express consent|prior '''express''' consent]] ([[and/or]], depending on how you look at it, [[express prior consent]]).


You ready for this? then let {{t|CESR}} explain:<ref>See: {{tag|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”?'''


{{quote|'''''Q20 How do clients consent to the execution policy?''''' <br>
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.}}
20.1 An investment firm that executes orders or decisions to deal should obtain the [[prior consent]] of its clients to its execution policy. CESR observes that for consent to be valid, the legal provisions of the relevant Member State relating to the giving of consent must be satisfied, without prejudice to what is said in Q14 through Q16 about the information that the firm should provide to clients. <br>
20.2 '''A firm should obtain the [[prior express consent]] of its clients before executing their orders outside a [[regulated market]] or [[MTF|MTF]]'''. <br>
20.3 There are no comparable requirements for firms when they transmit or place orders with other entities for execution but do not execute orders or decisions to deal themselves. <br>}}


{{quote|'''''Q21 What is the difference between "consent" and "express consent"?'''''<br>
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.
21.1 Where {{tag|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. <br>}}
 
[[Prior 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.

Revision as of 09:54, 17 January 2023

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?

Let CESR explain:[1]

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.

  1. ↑ See: CESR's "Best Execution under MiFID" Questions and Answers document of May 2007 (CESR/07-320)
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