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Client consent to execution policy and execution of orders outside a regulated market or MTF - COBS Provision: Difference between revisions
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Client consent to execution policy and execution of orders outside a regulated market or MTF - COBS Provision (view source)
Revision as of 10:55, 26 November 2014
, 26 November 2014→Consent and Express Consent
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====Commentary==== | ====Commentary==== | ||
=====Consent and Express Consent===== | =====Consent and Express Consent===== | ||
From the "[[Media:CESR Best Execution QA 07_320|Best Execution under MiFID]]" Q&A document: | From the "[[Media:CESR Best Execution QA 07_320.pdf|Best Execution under MiFID]]" Q&A document: | ||
{{quote|'''''Q21 What is the difference between "consent" and "express consent"?'''''<br> | {{quote|'''''Q21 What is the difference between "consent" and "express consent"?'''''<br> | ||
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>}} | 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>}} | ||
=====Instruments that are not admitted to trading on a Regulated Market or MTF===== | =====Instruments that are not admitted to trading on a Regulated Market or MTF===== | ||
While at first blish it reads as though {{cobsprov|11.2.26}} should apply to all orders, even those which cannot be traded on a [[regulated market]] in any circumstances, the confines of common sense and logic have not entirely escaped the {{tag|European Commission}}. In its "[http://ec.europa.eu/yqol/index.cfm?fuseaction=legislation.showIssue&issueId=69&browse=true&questionId=173 Questions on Single Market Legislation]" resource, it notes: | While at first blish it reads as though {{cobsprov|11.2.26}} should apply to all orders, even those which cannot be traded on a [[regulated market]] in any circumstances, the confines of common sense and logic have not entirely escaped the {{tag|European Commission}}. In its "[http://ec.europa.eu/yqol/index.cfm?fuseaction=legislation.showIssue&issueId=69&browse=true&questionId=173 Questions on Single Market Legislation]" resource, it notes: | ||