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Guideline on the application of the Investment Research Requirements under the FSA rules implementing MIFID in the UK
21/08/2007
This Guideline does not purport to be a definitive guide, but is instead a non-exhaustive statement of the measures that firms, whether subject to MiFID or not, and who produce or disseminate research material may adopt in complying with the requirements relating to investment research under the FSA Rules implementing MiFID in the UK.
This Guideline focuses only on the UK implementation of MiFID requirements relating to investment research.
This Guideline is based on the Industry Guidance on COB 7.3 published in February 2004 and the joint BBA, LIBA, ISMA and IPMA Guidance on policies for managing conflicts of interest in connection with investment research published in May 2004.
This Guideline only attempts to address those areas relating to the regulation of investment research that are specifically covered by MiFID and to the extent those issues were the subject of the industry guidance described above. The relationship between the investment research requirements of MiFID and the requirements of the Market Abuse Directive is not covered in this Guideline.
This Guideline is up to date as at the date of issue1. It may be revised from time to time in the light of any relevant changes to the FSA Handbook. If you intend to place significant reliance on it, it would be sensible to check whether there have been any such changes to the FSA Handbook.
Related Links
Investment_Research_Guideline (PDF)
MiFID Connect website - guidelines (External Link)
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