MiFID will lead to client reclassification, says PwC

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Private banks and wealth managers will have to reclassify clients, according to the requirements of the Markets in Financial Instruments Directive (MiFID), which is due to come into force in autumn 2007. MiFID will replace the existing Investment Services Directive (IDS), the European Union legislation for investment intermediaries and financial markets, and the basis upon which firms are currently able to passport between EU member states.

MiFID's purpose is to harmonise regulatory frameworks to

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