Although MiFID is due to come into force on 1st November 2007, Etheios, an investment management consultancy, believes it is a racing certainty that not all of the member states in the EU/EEA will be ready for implementation of MiFID by then.
“Different countries and their regulators are moving at different speeds,” says Stewart Copland, Consulting Director at Etheios.
“They have after all differing laws, powers and resources and there will be a natural desire from some to protect the status quo where possible.”
“We understand that the FSA is taking a pragmatic approach to implementing and enforcing compliance with MiFID and we believe that it is right to do so. Europe is setting the rules and national regulators, such as the FSA, are there to implement and enforce them. This is the new world,” Copland concludes.