In May 2007, the FSA published its MiFID Permissions and Notifications Guide. The FSA has now published an update to the guide, the first part which sets out proposals for consultation that are designed to ensure that cross-border business can continue after 1 November 2007 with as little disruption as possible. This includes ensuring that the FSA is able to take action, including appropriate enforcement action, against incoming firms from late-implementing EEA States.

The second part provides updates on the following issues:

  • The position of financial advisers wishing to opt-out of the article 3 MiFID exemption in order to acquire passport rights;
  • The conclusion of the Treasury’s consultation on transitional provisions on client categorisation and passport notifications relating to incoming EEA firms;
  • Additional material on tied agents;
  • Client categorisation issues relating to Multilateral Trading Facilities (MTFs); and
  • Further developments on approved persons

The consultation period will close on 1 October 2007.

View MiFID permissions and notifications guide update (including consultation on measures applicable to incoming firms from late-implementing EEA states), (PDF 249KB), 10 September 2007