The FSA has published a general information document which advises readers that the Markets in Financial Instruments Directive came into force on 1 November 2007 and that at the same time changes to the approved persons regime have come into force. The document then goes on to highlight changes to firms’ permission, passporting rights and approved persons which are now recorded on the FSA Register.
Regarding approved persons, various controlled functions are merging into one over-arching function for each group. All new applications the FSA approve from 1 November 2007 will reflect the new functions. In addition, under MiFID the responsibility for apportionment and oversight of key responsibilities in MiFID firms will become the collective responsibility of management rather than being allocated to specific individuals.
View MiFID implementation and approved persons changes - changes to the FSA Register, 1 November 2007