The FSA and European Commission finished discussions last week during which questions were raised as to whether the initial disclosure document could continue as a rule.
The FSA was preparing to publish a policy statement on MiFID on Thursday, outlining the conclusions of its discussions with the commission, and detailing what will happen to the Sustainability letter and IDD. It will then set out final details in early July.
MiFID comes into effect on 1 November, when it will replace the existing Investment Services Directive. Lawyers have said the UK is one of only three countries ready for the Markets in Financial Instruments Directive along with Ireland and Romania - which is not known for its financial services sector. Other experts have warned that some firms will shut down whole lines of business rather than try to implement rules under MiFID
