On January 11, the British Bankers Association (BBA) published draft guidelines prepared by the industry group MiFID Connect in respect of the proposed rules for the implementation of the Markets in Financial Instruments Directive (MiFID) in the UK. The guidelines will be subject to review by the UK Financial Services Authority (FSA) and may be revised further by MiFID Connect once the final rules on MiFID implementation are published by the FSA at the end of this month. The MiFID Connect guidelines cover: (i) investment research; (ii) suitability and appropriateness; (iii) best execution; (iv) conflicts of interest; and (v) outsourcing.