More moves towards MiFID implementation

London – The pace of activity surrounding the Markets in Financial Instruments Directive (MiFID) continues to increase, with the publication of Planning for MiFID by the UK's Financial Services Authority in late November and the establishment of a working group on MiFID by the British Bankers Association.

The planning document from the FSA was produced amid growing concern in the industry about the scope of MiFID and the deadlines for implementation. The FSA has also made its ambivalent feelings about the new directive well known. Rosemary Hilary, head of the risk review department at the regulator, says: "At the FSA, we are obviously not masters of our own destiny."

The sense of frustration stems from the lack of input that the industry had into the directive itself – most firms were focused on