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====Commentary==== | ====Commentary==== | ||
From | From {{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): | ||
{{quote|'''''Q20 How do clients consent to the execution policy?''''' <br> | {{quote|'''''Q20 How do clients consent to the execution policy?''''' <br> | ||
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{{quote|However, on a purposive reading of the express consent requirement, an investment firm does not have to obtain express consent from its clients where the relevant instruments are not admitted to trading on a [[regulated market]] or [[MTF]].}} | {{quote|However, on a purposive reading of the express consent requirement, an investment firm does not have to obtain express consent from its clients where the relevant instruments are not admitted to trading on a [[regulated market]] or [[MTF]].}} | ||
This view was confirmed in the | This view was confirmed in the "[[Media:CESR Best Execution QA 07_320.pdf|Best Execution under MiFID]]": | ||
{{quote|21.2 CESR considers that on a purposive reading of the "express consent" requirement, an investment firm does not have to obtain express consent from its clients where the relevant instruments are not admitted to trading on a regulated market or MTF.}} | {{quote|21.2 CESR considers that on a purposive reading of the "express consent" requirement, an investment firm does not have to obtain express consent from its clients where the relevant instruments are not admitted to trading on a regulated market or MTF.}} |