• MiFID and Outsourcing in the UK
  • August 7, 2006 | Author: Tim Wright
  • Law Firms: Pillsbury Winthrop Shaw Pittman LLP - Office ; Pillsbury Winthrop Shaw Pittman LLP - San Francisco Office
  • MiFID is the Markets in Financial Instruments Directive 2004/39/EC and replaces the Investment Services Directive (which was adopted in 1993). It is part of the European Union's ongoing Financial Services Action Plan , which aims to harmonize all Financial Services in the European Internal Market. MiFID seeks to regulate investment firms and provide a level playing field, thus ensuring greater consumer choice and protection. However, its regulations on outsourcing have caused a degree of concern, as the regulations place a potentially cost-heavy burden on investment firms to ensure that any such outsourcing does not jeopardise their quality of services.