MiFID could affect IFAs despite exemption

Speaking at a Securities & Investment Institute (SII) conference – MiFID: the next steps to implementation – Hanks confirmed the Treasury will implement Article 3 of MiFID, which creates an optional exemption for firms which do not hold client money, and states the majority of responses to the Treasury’s consultation paper on MiFID supported this proposal. But he adds this does not mean exempted IFA firms will entirely escape the Directive’s effects as questions remain over which rules the Financial Services Authority (FSA) will apply to firms which are not legally required to comply with ...