(This note is not part of the Regulations)
These Regulations implement in part Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments (OJ No L 145, 30.4.2004, p.1) ("MiFID"). MiFID will also be implemented by the Financial Services Authority ("FSA") using powers under the Financial Services and Markets Act 2000 (c. 8) ("the Act") and by other statutory instruments which the Treasury propose to lay before Parliament over the next few months. The Regulations make the following amendments to the Act.
Section 138 of the Act (FSA's general rule-making power) is amended to enable the FSA to make rules applying to authorised persons who are investment firms (within the meaning of MiFID) with respect to their provision of the ancillary services listed in Section B of Annex I to MiFID which are not regulated activities for the purposes of the Act.
It is intended that the provisions of paragraphs 1 to 8 of Article 19 of MiFID, and of measures made
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