Managing MiFID
The Markets in Financial Instruments Directive (MiFID) that came into force on 1 November 2007 has introduced a host of major changes affecting you and your business.
To help you get to grips with the new regime, which is policed by the FSA, the CII has prepared a summary to highlight key issues and indicate potential action points.
The CII is also taking the following actions in order to improve understanding of the new Directive, including the related changes to the Training and Competence Sourcebook. These actions include:
- The immediate inclusion of MiFID-compliant content within ed.LEARN and financial ASSESS, the CII’s online learning and competency systems.
- Updating existing qualification learning materials as appropriate to ensure that they reflect the relevant MiFID provisions. This will affect relevant units within the Certificate in Financial Planning, Diploma in Financial Planning and Certificate in Financial Administration. Updates to existing coursebooks were released to all eligible candidates during December 2007 and are to be examined from 24 March 2008.
- Updating the corresponding examinations, as appropriate, to ensure that they reflect the relevant MiFID provisions. These changes will be examined from 24 March 2008, in line with the timescale agreed with the Financial Services Skills Council (FSSC).
We expect further MiFID-related changes in the coming months. The CII will maintain a watching brief on developments and, where necessary, incorporate further changes as appropriate.
For further information, you are advised to consult the FSA website which has a wealth of information on the new Directive – see www.fsa.gov.uk
If you are a member of the CII or PFS you can also view our online fact file
The regulation of long-term insurance and investment business, which includes detailed information on the new regime.
