AIFA urges MiFID preparation

Under MiFID, investment advice must be regulated in all European Economic Area (EEA) States for the first time. This includes countries where there is a large and growing ex-patriot community, such as Spain, France and Cyprus, many of who are clients of UK IFAs. Until now, UK financial advisers have been able to opt out of MiFID obligations due to AIFA putting pressure on the FSA, the European Commission and the Treasury. However, now that the FSA has said UK advisers’ clients located in another EEA country must satisfy the legal requirements of that state, advisers will need to opt in t...