From 1 November 2007, Standard Life will have completed the required level of changes to ensure our continued compliance with the FSA's New Conduct of Business Rules (NewCOB) and Markets in Financial Instruments Directive (MiFID).
Earlier this year the FSA announced and published their policy statements to support the simplification of their existing Conduct of Business Rules. The reformed COB rules, New COB will provide a more principles based approach to regulation, a move away from the current more detailed prescriptive rules.
The changes within COB are being carried forward at the same time as implementing the relevant provision of the Markets in Financial Instruments Directive (MiFiD). These New COB rules will apply to all regulated firms and business coming under the FSA Conduct of Business regime, not just those firms and types of business which are covered by MiFiD.
Standard Life have been reviewing the changes in the Conduct of Business rules and will have completed the required level of changes to ensure our continued compliance with the FSA’s requirements from 1 November 2007.
If you need further information please contact your Standard Life account manager.
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