MiFID – the Markets in Financial Instruments Directive – is likely to apply from 1 November 2007. Its implementation will significantly alter financial services regulation in the UK, how firms operate their businesses and the way they interact with their customers.
Most FSA-regulated firms carrying on investment business are likely to be affected, whether or not that business falls within MiFID’s scope. Implementation is therefore a major challenge, both for us and for industry. November 2007 may seem a long way off. But preparing to meet the challenge cannot begin too soon.
Significant aspects of the MiFID package have yet to be agreed at European level. So we cannot be certain at this stage about the final detail of the legislative requirements.
See full Report, in pdf format.
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