This practice note outlines the FSA's post-implementation review of the new conduct of business sourcebook (COBS), which was introduced in November 2007, and included rules implementing the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). The note also outlines the European Commission's work to identify MiFID transposition and implementation issues in the period following implementation of MiFID.

This note does not cover the Commission's review of the impact and effectiveness of MiFID which started in 2010. For information on the MiFID review, see Practice note, Hot topics: MiFID II.