Pegasus - Introduction to Pegasus

Our Financial Services team has long been aware of the importance of the Markets in Financial Instruments Directive (MiFID). We gave our first talk to clients on MiFID in November 2002, and have provided regular updates to clients through our series of monthly 40-minute briefings and publications, highlighting the key areas of change. In the run up to its implementation on 1 November 2007 we provided advice on MiFID implementation plans to a number of significant players in the market.

The Commission believes that even though MiFID has only been applicable for five years it has already resulted in significant changes despite the worst financial crisis in decades. As well as better protecting investors, the Directive has brought about increased competition and innovation, leading to better services for investors.

However, the Commission also acknowledges that the key principles of MiFID - a regulatory framework centred on shares and regulated markets - needs updating to take into account a more complex market characterised by increasingly diverse financial instruments and methods of trading. The Commission is also aware that targeted reforms are necessary to take into account developments in specific areas such as the commodity markets.

Our online technical resource "Pegasus" is designed to form a bridgehead for our clients and contacts when conducting their MiFID review projects. It sets out the latest developments and timing of the MiFID review plus the key resource papers from the Commission, ESMA and the FSA. Clients and contacts are also given access to our latest briefing notes and clients have access to our latest templates.