MiFID will allow investment advice 'passporting'

Under the current regulatory framework, IFAs are in danger of breaching other member states’ laws if they continue to advise their clients when they move to a country in the EU. This is because investment intermediaries are currently unable to apply for a ‘passport’, which gives firms the ability to operate in other member states without getting permission from that member state’s regulator. But Simon Morris, partner at law firm CMS Cameron McKenna, says this will change by November 2007 when MiFID comes into effect and essentially means they will be able to continue to advise investm...