The FSA have confirmed that implementation of the Markets in Financial Instruments Directive (MiFID) has been postponed.

In the latest newsletter from their Asset Management Sector Team, the FSA writes: "The negotiation of the level 2 measures of the Markets in Financial Instruments Directive (MIFID) continues. The date for implementation of this key Directive that will replace the Investment Services Directive has been postponed; measures for UK implementation of the Directive must be in place by 31 January 2007 and firms must comply with the Directive from 1 November 2007."

This brief confirmation follows several weeks of speculation concerning a possible postponement. More recently, the FSA said that the European Commission had tabled a proposal to the Council of Ministers and European Parliament seeking a 12 month delay.

FSA Chairman, Callum McCarthy had previously raised concerns over the timetable for MiFID, describing the pressures it brought as "unwelcome" and "unsatisfactory", but saying the FSA would do all it could to make the timetable "more manageable".

Further information concerning the MiFID postponement will be published in Chase Cooper Regulatory News when it becomes available.