Financial services firms are being urged to start planning for the implementation of MiFID on the basis of Level 2 documentation already published, rather than wait for finalisation of the FSA's consultation on MiFID implementation expected later this year.
The call came from Paul Anning, partner at law firm Osborne Clarke, in a speech to the Financial Promotions Regime Conference hosted by the Securities and Investment Institute, which has outlined factors affecting the FSA’s approach to rules on marketing of financial products and services. Level 2 documents outline how the overall Level 1 Directive - already agreed by the European Parliament - Commission and member states, will be put into practice through detailed rules. The current draft MiFID Level 2 documents still leaves open the option of the rules being formulated as a Directiv...
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