Commission updates Mifid Q&A

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The European Commission has updated its question and answer paper concerning outstanding queries about the Markets in Financial Instruments Directive (Mifid).

The updated version addresses issues including, among others, whether interests in limited partnerships and limited liability partnerships fall within the definition of transferable securities; whether a convertible bond is a complex product under the Directive; whether the reception and transmission activity of an intermediary amounts to a best-execution activity under the Mifid rules; the applicability of best execution to exempt firms acting as intermediaries; the costs related to execution; and whether a bank is obliged to report transactions when the counterparty is another bank (considered as an eligible counterparty) and other parameters of the transaction indicate that it is a reportable transaction.

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