MifId – Opportunity Or Challenge?

The Markets in Financial Instruments Directive (MiFID) was once famously described by a financial journalist as "a horror story as awful as Day of the Triffids". Indeed, MiFID is probably the most significant regulatory event since N2 and will present the UK financial services industry with one of its biggest challenges to date. Firms will be required to carry out a massive reassessment of their businesses and to change their documentation requirements in a wide range of areas. But it is not all bad news. MiFID will offer opportunities in the arena of cross-border marketing and should contribute to a more level playing field for financial services.

MiFID will bring about major changes to the FSA Handbook, including an extensive rewrite of the conduct of business rules for investment services. It also broadens the scope of the European passport to include additional services and financial instruments. It applies to a wide range of firms and financial institutions and