FSA Urges Firms to Begin Planning for MiFID

The FSA is encouraging senior management at regulated firms to begin preparing for the implementation of the European Union’s Markets in Financial Instruments Directive (MiFID), which is likely to come into force on 1 November 2007. The Directive will have a significant impact on financial services regulation in Europe and how firms operate and interact with customers. The FSA has published ‘Planning for MiFID’, a short guide highlighting key areas, such as conduct of business and systems and controls requirements, which will be affected by the directive and the likely main practical implications for regulated firms. It has also published the ‘International Regulatory Outlook’ which analyses regulatory change that is being driven by European and other international initiatives and its likely effects on UK financial services. According to the FSA, the introduction of MiFID will affect most FSA-regulated firms carrying on investment business, whether or not that business falls within MiFID’s scope.


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