Mifid outsourcing debate resolved
LONDON – The Financial Services Authority (FSA) has given guarded confirmation that the European Union (EU) retail portfolio management services will be allowed to outsource processes to nations beyond the European Economic Area (EEA) under the Markets in Financial Instruments Directive (Mifid).
Speaking at a conference on outsourcing and regulation, Christina Sinclair, head of international business policy at the FSA, hinted that it looks likely an agreement will be reached shortly to allow firms to outsource potentially sensitive procedures to nations outside the reach of Mifid.
"The outsourcing of retail portfolio management services to non-EEA service providers is still being negotiated, although we are getting closer to a definitive outcome now the Level II ESC process is
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