Industry forum to discuss issue of investment advice under MiFID

Recent announcements from the FSA on the role of advice under the Markets in Financial Instruments Directive (MiFID) are to be discussed by the Investment Banking, MiFID special interest group, of the Financial Services Discussion Club later this month.

[ClickPress, Wed Apr 11 2007] Recent announcements from the FSA on the role of advice under the Markets in Financial Instruments Directive (MiFID) are to be discussed by the Investment Banking, MiFID special interest group, of the Financial Services Discussion Club later this month.

The forum will discuss whether personal recommendations and selective information constitute advice under the new directive. Similarly, the status of implied recommendations and broad investment information as investment advice will also be discussed by members of the club.

Information on these issues has recently been released by the FSA in the form of a policy statement – 'Perimeter Guidance relating to MiFID, March 2007'. Investment banks have only a few months left to finalise internal policy guidelines before the November 2007 deadline for MiFID implementation

The investment banking special interest group meets every month in London and is attended by representatives from the UK's leading investment banking firms. The next meeting of the club will be 16 April where members will also discuss passporting and home/host issues under MiFID.

Richard Walbach from Clearconcepts which administrates the club said,

"Under MiFID, firms will have to set out a new policy for advising clients that is in line with the directive. Exchanging ideas with contemporaries will be crucial for compliance when the directive is introduced in November."

NOTES FOR EDITORS

• The Financial Services Discussion Club is administered by Clearconcepts. It aims to provide a forum for the discussion of topical issues and exchange of ideas.
• The next meeting for Investment Banks will be held in London on April 16th.
• For more information or to register for the Financial Services Discussion Club, contact Laura Wilkinson - laura.wilkinson@clearconcepts.co.uk 020 7405 0065

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