Future supervision of outsourcing firms will take into account industry guidance issued by the MiFID Connect project, says the Financial Services Authority.
This is the first guidance developed by the industry which the FSA has agreed to recognise since publishing its discussion paper: ‘FSA confirmation of Industry Guidance in November 2006’. And in the first formal industry guidance relating to the Markets in Financial Instruments Directive (MiFID), the guidance covers so-called 'common platform' FSA firms – which are those subject to MiFID and/or the Capital Requirements Directive. The FSA outsourcing rules, which will operate from 1 November 2007 when MiFID comes into effect, states that a ‘common platform firm’ must - when relying on a ...
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