On May 23, the Financial Services Authority (FSA) published the MiFID Permissions and Notifications Guide. The guide explains the changes that firms must make in implementing the EU Markets in Financial Instruments Directive (MiFID) by November 1. Many of the MiFID requirements will also be applied to non-MiFID business.

The guide covers such things as MiFID waivers, client categorization, passporting, tied agents, client money and approved persons. It also includes maps and tables setting out how MiFID services, activities and financial instruments relate to the existing EU Investment Services Directive, which is being replaced by MiFID, and to the EU Banking Consolidation Directive.