MiFID Connect outsourcing guidance confirmed by FSA

Firms that follow industry guidance on outsourcing issued by MiFID Connect, the joint task force set up by 11 trade associations to assist their members in implementing the Directive, can have confidence in it as a ‘sturdy breakwater’ should questions arise about their compliance with FSA rules in chapter 8 of SYSC, after the material was confirmed by the regulator last month. The guidance applies to ‘common platform’ firms that are in scope of both MiFID and the Capital Requirements Directive; it may be found on the British Bankers Association website, www.bba.org.uk.