On September 10, the FSA published an update to its Markets in Financial Instruments Directive (MiFID) Permissions and Notifications Guide which was first published in May 2007.

The update includes: (i) clarification on the position of financial advisers wishing to opt-out of MiFID’s Article 3 exemption so as to obtain EU passporting rights; (ii) updates on the transitional provisions for client categorization and passport notifications relating to firms that wish to passport into the UK; (iii) additional material on tied agents; (iv) client categorization issues relating to Multilateral Trading Facilities; and (v) issues relating to Approved Persons that arise from changes to certain FSA controlled functions.