2007-01-26 FSA (UK) is publishing Policy Statements and accompanying Handbook text. PS07/2, Implementing the Markets in Financial Instruments Directive, provides feedback on the July and October consultation papers on Firms and Markets issues and the new conduct of business source book. PS07/3, Reforming the Approved Persons regime. Policy Statement on Section IV of CP06/15: Markets in Financial Instruments Directive, confirms the MiFID driven changes to the FSA Approved Persons regime. Taken together, these papers finalise the FSA’s transposition of MiFID for FSA-regulated firms and markets and allow firms to press ahead with their plans in preparation for the 1 November implementation deadline.
Although the finishing post may be in sight as regards the FSA Handbook changes there remain challenging practical and operational issues to be tackled over the coming months. CESR is aiming through the next couple of months to finalise guidance on priority Level 3 issues about which firms need clarification. FSA will continue to work with firms to help and advise them on implementing the new rules.
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