20 April 2003, Mail on Sunday

NEW Brussels directive could sound the death knell for fast, cheap share dealing by effectively abolishing 'execution-only*' brokers who do not give investment advice.


The plans under discussion would overhaul share trading across the EU and impose what critics call a 'nanny-state' for Britain's one million shareholders who use low-cost, same-day trading services.


Concern is centred on article 18 of the Investment Services Directive, which requires brokers providing share buying services to check clients' 'knowledge and experience of the investment field' and provide 'guidance and warnings on the risks'. Checks would have to be applied on every transaction - adding paperwork, time and expense to share trading, according to critics.


The Association of Private Client Investment Managers & Stockbrokers (APCIMS), the trade body for Britain's brokers, said the organisation wants to exclude the UK's execution-only brokers from the European rules.


The deadline for submissions from trade bodies on the directive is May 3. A discussion at Europe's Economic and Monetary Affairs Committee is due on May 19, with a European Parliament vote soon after.


Once the directive is passed in Europe, national governments will have to enact their own laws to implement the rules within 18 months. Catriona Shaw,


APCIMS's head of European Affairs, said some APCIMS members had estimated that the cost of applying the rules could be up to 100 on every share trade carried out by a private investor.


She added: 'A worst case scenario would make it so expensive for brokers to carry out these services that they will no longer do it.' Supporters of the directive argue it will help protect small investors from being drawn into share trading when they do not understand the risks involved.


But the issue has raised concerns in the UK Government. A Treasury spokesman said it was in favour of the broad proposals in the directive, but added that some aspects were 'highly undesirable'.


Charlotte Black, director at stockbrokers Brewin Dolphin and chairwoman of the company's Stocktrade division, said: 'As it stands, this directive will kill the execution-only business as we known it in the UK.'





2003 Associated Newspapers Ltd.

Another decent thread ruined!

Come on Moneyam, sort this out!

The LAST thing I would ever want to do is transfer money to anyone in a minute, min. 25 days credit is much more handy
Ainsoph , you are the biggest laugh on any bb, keep up the good work.
A six figure credit account with Brokerline-ROTFLMAO-we have been down this road before.Your `direct line` to a senior dealer has been laughed at sooooo often by Paul in NATWEST that they had to stop the freephone number some time back as you were on it twenty times a day talking bollox.
Paul as you know has now left, Brokerline is now run by TD Waterhouse from Leeds and Manchester, I thought they would have told you that/

The direct line to a "senior dealer" is available without any problem , its 0845 120 0340, keep up the fantacy ainsoph, you are a SCREAM.

LOL!!

ps the business about the EU is bollox to, ask your brokerline pal

lol!

pps

six figure credit line 1,000.50

LOL!!!

You seem to be obsessed ollie ......

whether PW has left or not does not over concern me but I did get a letter from him just a few days ago :-))

As for borrowing money ..... despite my discount for being a premier account client I find it much cheaper to use their revolving OD facility than to use them to trade on T25's ..... but there you go ......hopefully


ains

despite my discount for being a premier account client
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

ROTFLMAO!!!

the quasi professional de facto trader speaks

LOL!!

Ainsoph, `obsessed `is going a little too far, fascinated probably is true.
I have followed you and your gang en- passant while playing the shares game, for years, and you have never ceased to fill my day with loads of laughter, from the time you boasted of your "hot-line" with NW until today when you boast of another "hot-line", with ,er NW.
Plus ca change plus la meme chose KDC,
You are a star, we who know you for what you really are, salute you for the
laughter you provide in the investment industry, we laugh at you daily.
If you were one of us, English i.e.you might be embraced as an eccentric Englishman, not to be i`m afraid, so a loony will have to do.