Firms could face enforcement action from the regulator if they do not make reasonable efforts to implement the Markets in Financial Instruments Directive by the November deadline, the Financial Services Authority has warned.
Speaking at a Securities & Investment Institute (SII) conference on MiFID implementation, Chris Hibben, head of the MiFID implementation office at the FSA, confirmed the regulator will carry out a thematic review of firms in the first quarter of 2008 to assess their compliance with the directive. He states: “We will be evaluating whether firms have made all reasonable efforts to implement MiFID by the November deadline. If they have not, they may face enforcement action from us and law suits from third parties.” Hibben says the review will be a risk-based one and will concentrate on t...
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