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The QCA Markets and Regulations Committee drafted this response to the Committee of European Securities Regulators' (CESR) consultation on complex and non-complex financial instruments under MiFID for the purposes of the Directive's appropriateness requirements.  The QCA notes that the requirement for all shares that are not traded on a regulated market to be considered ‘complex’, as suggested in the consultation, gives rise to the situation where shares traded on the Alternative Investment Market (AIM) in the UK are considered as complex.  Furthermore, we argued that the distinction on whether a share should be considered complex or non-complex is more to do with the nature of the share than the market it is traded on.

Click here to read the response (pdf)

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