UK trade bodies band together to influence MiFID

A group of 11 UK trade associations have banded together to influence the way the European Union's Markets in Financial Instruments Directive (MiFID) is implemented following fears that City regulators could take an "overly stringent approach" to the new measures, reports the Financial Times.

The FT says the 11 financial trade associations, which have formed a steering group called MiFID Connect, are lobbying to establish a "practical, cost-effective and market-sensitive policy" on the directive's implementation. They hired law firm Clifford Chance to compile a MiFID Survival Guide*, which is on sale for £1100.

MiFID, which takes effect in November 2007, has been finalised in Brussels but uncertainty remains over how the UK's Financial Services Authority (FSA) will interpret the directive.

*More information about the MiFID Survival Guide may be obtained from the MiFID Connect Secretariat, which is based at The British Bankers’ Association, Pinners Hall, 105-108 Old Broad Street, London EC2N 1EX, Tel: +44 (0)20 7216 8800 or from any of the participating associations.


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