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MiFID comes into effect

02 November 2007
The EU's Markets in Financial Instruments Directive (MiFid) has come into effect in the UK this week.

Replacing the Investment Services Directive, MiFID is intended to create greater harmony within financial sectors and facilitate business across European borders, the Financial Services Authority (FSA) claims.

The regulator states that the new regulations cover a number of firms, including investment banks, stockbrokers, corporate finance companies and portfolio managers.

Commenting on the changes, Peter Montagnon, head of investment affairs at the Association of British Insurers, said that the organisation supported the aim of creating a single European market for investment.

"It is imperative that the implementation is proportionate and does not end up being too expensive," he remarked.

However, Fay Goddard, deputy director general of the Association of Independent Financial Advisers, warned that if the new system is to be effective, the FSA will have to review its approach to "monitoring and supervision".

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