Consob's draft Level 3 document angers market participants

Italian regulator Commissione Nazionale per le Societa e la Borsa (Consob) will likely make public the conclusion of its Level 3 interpretation of Mifid rules in September, following the release of a draft implementation document during June and follow-up interviews with interested parties that are being planned for July and August.

The ultimate intent of the extremely detailed draft document is in line with the consensus of all parties - the regulator, the banks and the banking and financial

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