Mifid rules open to interpretation say Apcims

APCIMS believes advisers will exercise caution as regulating boundaries still to be defined and fsa plans to introduce additional rules

Each European country looks likely to interpret Mifid differently, causing advisers problems. The Association of Private Client Investment Managers and Stockbrokers (Apcims) believes litigation cases could result in countries operating under a principle-based approach as the rules are less detailed than prescriptive laws. Guy Sears, deputy chief executive of Apcims, said: "It is possible the UK will move to a litigation-based regime as advisers will only know the boundaries after the event occurs. This situation is not helpful to everyone as there is no level of clarity. Advisers are expe...