CESR has just published the first set of technical advice to the European Commission in the context of reviewing MiFID.

Here's the press release:

Date: 29 July 2010
Ref. CESR/10-926

PRESS RELEASE
CESR proposes changes to MiFID to improve securities markets’ functioning, transparency and investor protection

CESR publishes today the first set of technical advice to the European Commission (Commission) in the context of reviewing MiFID, the Markets in Financial Instruments Directive, which entered into force in November 2007. This covers CESR‟s advice on equity markets (Ref. CESR/10-802), non-equity markets transparency (Ref. CESR/10-799), transaction reporting (Ref. CESR/10-808) and investor protection and intermediaries (Ref. CESR/10-859) as well as part of the responses (Ref. CESR/10-860) to the request for additional information in relation to the review of MiFID that the Commission presented to CESR in March 2010.

The advice that CESR puts forward is both extensive and highly significant, tackling the key issues that CESR and market participants have identified as needing action. They aim at improving pre- and post-trade transparency and the orderly functioning of the markets, strengthening investor protection and ensuring securities regulators are equipped with tools which enable them to effectively monitor trading. CESR‟s recommendations take into account market developments since MiFID was originally drafted. Importantly, if taken forward by the Commission, they would impact many elements of securities market regulation and constitute a major change in the EU regulatory landscape.

Download here the full press release