Client money under MiFID

The Client Assets regime may be just part of the supporting cast of MiFID, but it should not be overlooked, and even non-MiFID firms need to keep an eye on the FSA’s plans in this area, warns Mathew Rutter of Norton Rose .

Mathew Rutter (tel: +44 (0)20 7444 3319, email: mathew.rutter@nortonrose.com) is a Senior Associate in Norton Rose’s Financial Services Group, © Norton Rose 2006.

Given that, these days, no subject appears to be too obscure or bizarre to be the subject of a West End production, it can only be a matter of time before we are treated to MiFID: the Musical . At first glance, the Markets in Financial Instruments Directive might seem unpromising material for a stage production. If the story of the Directive itself is anything to go by, the plot of MiFID: the Musical would almost certainly be convoluted, tortuous and far too long. However, there are a number of strong characters who might vie for centre stage: Client Classification, Best Execution and the sinister-sounding Systematic Internalisation. Or perhaps we might follow a pantomime theme, with the ugly sisters Suitability and Appropriateness, and the Cinderella character of Execution-only, whose invitation to the ball seemed in doubt for so long.