The Financial Services Authority (FSA) has published a consultation paper on implementing the Markets in Financial Instruments Directive (MiFID) for regulated firms and markets.
The types of firm likely to fall within the scope of MiFID include retail banks, investment banks, portfolio managers (excluding firms acting as managers of collective investment schemes), stockbrokers and broker-dealers, many futures and options firms, corporate finance firms, wholesale market brokers, operators of RMs and MTFs, providers of custody services, and some commodities and venture capital firms. IFAs are not thought to fall within the scope of MiFID, but the FSA has said on several occasions it will consider extending parts of the directive to ‘out of scope’ firms, including I...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes