MiFid gets mixed reaction from industry

EU directive widening the scope for export of financial services receives welcome but tax experts believe benefits could be slow to come to UK

The Markets in Financial Instruments Directive (MiFid), implemented on 1 November, has divided opinion within the investment community. MiFid will replace the 1993 Investment Services Directive (ISD) that was launched as part of The EU's Financial Services Action Plan, which began the imposition of a single regulatory framework for financial services in Europe. The ISD set up a 'passport' that enables groups to export financial services to EU states using one blanket passport rather than seeking approval in each state. MiFid will seek to widen the range of products that can seek passp...