MiFID will result in prescriptive and legalistic rules - FSA

clock

Using "intelligent copy out" to implement the Markets in Financial Instruments Directive (MiFID) will result in prescriptive rules and legalistic wording, according to Dan Waters, director of retail policy at the Financial Services Authority (FSA).

Speaking to firms and trade associations at the FSA Implementation of the Markets in Financial Instruments Directive in the UK conference today, Waters confirmed the regulator will use “intelligent copy-out” when implementing the directive into the FSA handbook. This means it will use MiFID language as far as practicable in the handbook to avoid placing additional obligations on firms and to avoid so-called 'gold-plating'. Waters states: “I apologise to those who wanted less legal language in the conduct of business (COB) sourcebook.” Although the regulator has emphasised MiFID is pla...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Thousands of PFS members respond to CII takeover consultation

Thousands of PFS members respond to CII takeover consultation

Responses showed ‘passion and strength of feeling’ among members

Jenna Brown
clock 27 January 2023 • 2 min read
Continuum reports record jump in number of new advisers

Continuum reports record jump in number of new advisers

Ambitious growth plans to become ‘a true household name’

Laura Miller
clock 26 January 2023 • 2 min read
Just reports new business sales up 17% led by DB arm

Just reports new business sales up 17% led by DB arm

Completed its largest DB de-risking transaction to date in July

Laura Miller
clock 26 January 2023 • 2 min read