New Conduct of Business Sourcebook and MiFID
The FSA's new Conduct of Business (COB) Sourcebook comes into force today, 1 November 2007.
The sourcebook has been simplified and represents a major step towards more principles based regulation focusing on specific outcomes rather than rules.
More information about the COB Sourcebook [PDF]
At the same time, the Markets in Financial Instruments Directive (MiFID) has also come into force. This directive was introduced to create a single market in financial services across the EU. For small firms it will mostly affect those that hold client assets, although other firms may be affected.
The directive will affect the way a firm's permissions, passporting and approved persons are recorded in the FSA Register.
There is also a guide [PDF] for small firms wanting to know more about MiFID. Those requiring information about passporting may find the factsheet [PDF] useful.