On September 13, the industry group, MiFID Connect, published an information memorandum on the conflicts of interest requirements that will be imposed by the UK Financial Services Authority (FSA) from November 1. These requirements are to be created as part of the UK implementation of the EU’s Markets in Financial Instruments Directive (MiFID) and Capital Requirements Directive. The guidance focuses on aspects of FSA’s Senior Management Arrangements, Systems and Controls sourcebook and includes suggested measures and commentaries to assist firms in implementing processes and procedures enable them to identify and manage conflicts of interest.

The information memorandum has not been formally recognized by the FSA.