The Association of Independent Financial Advisers (Aifa) has warned intermediaries who give cross-border advice that they need to prepare for the implementation of The Markets in Financial Instruments Directive (Mifid) on 1 November.
Aifa has been working with the Financial Services Authority (FSA), which has now published a factsheet that contains information for financial advisers who wish to continue to advise their clients who live in Europe. Aifa has also sent a newsflash to its members to highlight the passporting implications of Mifid. MiFID means that, for the first time, investment advice must be regulated in all European Economic Area (EEA) States. This includes Spain, France and Cyprus where there is a large and growing ex-patriot community, many of whom are clients of UK IFAs. As a result of pressure from A...
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