Financial services directive is latest focus of City concern about FSA restrictions

In spite of its attempts to persuade the City of London otherwise, the (UK) Financial Services Authority is still seen as an occasionally over-zealous implementer of European law. The latest focus of concern is the Markets in Financial Instruments Directive - the cornerstone of efforts to create a single market in financial services.
MIFID Connect is a joint project designed to support member firms and simplify the UK implementation of the Markets in Financial Instruments Directive (MiFID). Statutory implementation in the UK will be carried through by the HM Treasury and by the FSA making rules in its handbook. The directive will have a major impact on current market and trading practice as well as upon the way in which the financial service sector is currently regulated. It will also require firms to introduce a whole series of changes to their systems, documentation and order-handling procedures.

MiFID Connect http://www.mifidconnect.com/

United Kingdom: HM Treasury / Financial Services Authority: Joint Implementation Plan for MiFID, May 2006 http://www.fsa.gov.uk/pubs/international/joint_mifid.pdf

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