The UK's Financial Services Authority last week published a Policy Statement and Handbook text, which finalises its transposition of the Markets in Financial Instruments Directive (MiFID) for FSA-regulated firms and markets by the EU deadline of 31 January 2007.
The "switch-on date" for MiFID and the new Handbook text is 1 November 2007, allowing a nine-month period following transposition for financial institutions to complete their plans for implementation of the new MiFID requirements.
FSA Managing Director Hector Sants announced on Friday that:
"Today’s paper marks the culmination of the FSA's work to transpose MiFID on deadline – an achievement which owes a great deal to the co-operation and commitment we have received throughout the process from the industry. We believe we have stuck to our commitment to minimise the burden on firms by adopting a proportionate approach to implementation."
"As we have already indicated, implementation of MiFID will represent a substantial cost to industry but it does create the potential for revenue opportunities over the longer term, and we would encourage firms to focus on these opportunities."
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