FSA could place MiFID on 'out of scope' business

The Treasury and FSA’s Joint Implementation Plan for MiFID states: “Where it is appropriate and proportionate the FSA will amend, in the light of the MiFID requirements, the regime that applies to firms and activities outside the scope of the directive.” It says one important consideration is the impact on similar products and services where some fall within the directive’s scope and others outside, and the FSA will review the appropriateness of sustaining regulatory requirements in such cases. It will also look at existing legislation and rules to see where they might go beyond the dir...