FSA’s Waters points to confusion over Mifid and UCITS interplay

Mifid and the UCITS Directive create uncertainty as to their interplay in practice.

Dan Waters, asset management sector leader at the FSA, has acknowledged that the different approaches of the Markets in Financial Instruments Directive (Mifid) and the UCITS Directive create uncertainty as to their interplay in practice. There are also places where the directives intersect awkwardly. For example, while Mifid does not apply to UCITS distribution by the scheme operator, it does apply where a UCITS is distributed by a Mifid firm. Similarly, Mifid organisational and conduct of