The European Commission has updated its Your questions on MiFID web site. The Commission has added responses to the following questions:

  • What is the difference between notions of investment research and financial analysis in Annex I, Section B, paragraph 5 of the Markets in Financial Instruments Directive (MiFID)?
  • Does a spot foreign exchange transaction have to meet a "commercial purpose" test for it to be outside the scope of MiFID, or are all spot foreign exchange transactions not considered to be financial instruments under MiFID?

View Your questions on MiFID, 14 January 2010