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 ...
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