A survey of leading investment managers conducted last November showed that most of them were at an early stage in their deliberations over what to do about the European Union (EU) Markets in Financial Instruments Directive (MiFID). Many said they did not have a budget for doing so. Given that MiFID has been looming for several years, is due to be implemented in November this year and will involve a new set of rules of conduct for investment firms, this position may seem surprising.
One relevant factor may be another finding which emerged from the survey. For most investment management firms, MiFID is seen as a burden rather than an opportunity, and there is general scepticism about whether it will oil the wheels of the single market. In addition, many of the changes that will affect fund managers are of detail rather than substance.
