Final guidance issued on Mifid Level 3

The long-awaited final guidance from the Committee of European Securities Regulators (CESR) on the Level 3 implementation of the Markets in Financial Instruments Directive (Mifid) was finally issued last month.

The final guidance does clarify a number of issues including transaction reporting, inducements, best execution and passporting. There are no real surprises from CESR but a little disappointment that CESR did not abandon its requirement that firms will have to update their best execution policies every time they use a new execution venue.

CESR released further definitive guidance around other Mifid policy areas, including a Q&A on best execution, recommendations on inducements and guidelines on

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