MiFID Status _ Check The FSA Register

MiFID Status - Check Your FSA Register Entry

The FSA has updated the Register following the introduction of the Markets in Financial Instruments Directive (MiFID) on 1 November 2007.  

As an authorised and regulated firm you need to check your own register entry to ensure it is correct.  Go to the FSA register and enter your firm reference number and go to the ‘Permissions’ page from the red list.  

There is a new section called ‘Requirements’ and for most small IFA firms the text underneath will read ‘Article 3 MiFID Exempt Firm’.  This is correct if your firm:

• Does not hold client money
• Does not advise or arrange investments for clients in other EEA states (previously dealt with under the Investment Services Directive)
• Does not offer discretionary management services to clients
• Does not arrange or advise on Unregulated Collective Investment Schemes, derivatives, warrants or shares

If you do advise or arrange products for clients in other EEA states via a ‘passport’ under the Insurance Mediation Directive, you should still be an Article 3 MiFID Exempt Firm.  Products that generally fall under the IMD are long term insurance contracts such as insurance bonds, endowments and pensions.  

If you are unsure about the categorisation given to your firm it is important to contact the Firm Contact Centre or your usual supervisory contact at the FSA.  

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