The Treasury is to circulate Keys members on how Finance Sector companies could benefit from the introduction of MiFid, or the Markets in Financial Instruments Directive, which came into being at the start of the month.
Phil Braidwood, a Treasury Departmental member, was answering Peter Karran ( Onchan)'s query in the absence of Allan Bell.
Mr Karran wanted to know if Ireland, Cyprus, Luxembourg and Malta, in the EU would get an advantage out of this over the Isle of Man
MiFID replaced the Investment Services Directive and extends the coverage of the ISD, the Investment Services Directive: it introduces new and more extensive requirements that firms will have to adapt to, in particular for their conduct of business and internal organisation.
MiFID has the same basic purpose as ISD, to set out basic high-level provisions governing the organisational and conduct of business requirements that should apply to firms and also to harmonise certain conditions governing the operation of regulated markets: but it makes significant changes to the regulatory framework to reflect developments in financial services and markets since the ISD was implemented.
Mr Braidwood referred to an Finance Industry gathering in May when speakers suggested that, in some areas, the Manx might benefit.
What areas are those?, Mr Karran asked.
Mr Braidwood referred him to the May gathering and the words of Angela Knight, then Chief Executive of the British Bankers Association:
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