Exceptions to the rule

Independent power portfolio managers in Norway are worried. The EU’s Markets in Financial Instruments Directive (Mifid), with its strict licensing rules and capital adequacy and reporting requirements, comes into force in April 2007. The independent power portfolio managers are concerned that Mifid may put them at a competitive disadvantage, because their rivals at the third-party portfolio management desks of the major electricity producers are likely to be exempt.

The impleme

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