Consultation on MiFID complex and non-complex financial instruments for the purposes of the Directive's appropriateness requirements

The Markets in Financial Instruments Directive (MiFID) includes conduct of business requirements applying to a range of investment services. In certain respects, concerning investment firms' obligations to their clients and the information they must ask of clients, the approach and detail of these requirements differs according to the nature of the service; in particular whether or not the firm is providing investment advice to the client or is managing the client's portfolio on a discretionary basis.

MiFID lays down three sets of requirements in this are, and this consultation paper deals with the way in which the requirements apply to particular types of MiFID financial instruments.

CESR invites responses to this consultation paper by 17 July 2009. All contributions should be submitted online via CESR's website in the section Consultations.