MiFID will result in prescriptive and legalistic rules - FSA

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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...

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