IFAs may see reprieve from EU "repapering" task

Earlier proposals for the Markets in Financial Instruments Directive – which affects all investment advice – appeared to indicate there could be a requirement on all financial services firms to revise their terms of business and reissue them to all clients, whether new or existing, once MiFID and the new EU regulations come into force in 2007. It is not actually the Commission which initially proposed the reissuing of TOB paper, but the group of European regulators known as the Commission of European Securities Regulators (CESR) which had earlier produced its guidance on MiFID plans to t...