FSA and CESR announce further Mifid plans

LONDON & BRUSSELS – Two of the major regulatory players in the Markets in Financial Instruments Directive (Mifid) implementation process have announced further consultations and work programmes around the legislation. Both the Financial Services Authority (FSA) and the Committee of European Securities Regulators (CESR) have presented plans that at least portray implementation to be on course with the imminent move to Level 3 work.

The FSA notes that its Level 2 plan with the Treasury, published in May, the Joint Implementation Plan for Mifid, has so far led to five consultations, all of which will form the basis of the rules to be transposed in January. Their recent Mifid update also laid out how the Directive would ultimately lead to certain changes in the FSA's rules and its handbook.

Such changes are feared by the industry due to their perceived complexities, but the FSA says it is striving to make them as simplistic

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