Intermediaries offering services into the UK market from other EEA states may escape the 'fit and proper' test under FSA Handbook amendments developed in reaction to MiFID.
Policy Statement 07/3 - issued today - outlines the 'Approved Persons Regime (Simplification and MiFID) Instrument 2007, in which the Handbook amendments are presented. According to the Appendix 1 Final Handbook Text, the FSA has the following to say under Annex D ‘Amendments to The Fit and Proper test for Approved Persons sourcebook (FIT)’: “Under Article 5(1)(d) of the MiFID Implementing Directive and Article 31 and 32 of MiFID, the requirement to employ personnel with the knowledge, skills and expertise necessary for the discharge of the responsibilities allocated to them is reserved...
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