Likely UK client categorisation proposals for Mifid set out
UK regulator Financial Services Authority (FSA) has outlined the upcoming client categorisation consultations and proposals that will need to be addressed before the Markets in Financial Instruments Directive (Mifid) is implemented next year.
The FSA’s conduct of business rules to protect investors requires different definitions depending on the type of customer regarding levels of knowledge, skill and expertise. Clients will be placed in specific regulatory categories according to their financial knowledge.
Categorising clients is one of the controversial aspects of the directive, as many feel it places undue pressure on firms to
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