Ben Kingsley is a partner in Slaughter and May's Financial Regulation Group. On a regular basis, Ben shares his thoughts with PLC Financial Services subscribers on topical developments in the banking and investment services sector.

In this column, Ben considers the European Commission's proposals to revise the Markets in Financial Instruments Directive (2004/39/EC) (MiFID) and the Market Abuse Directive (2003/6/EC) (MAD); recent FSA enforcement action for high street firms' sales failings; the largest FSA fine imposed on an individual for market abuse; and the withdrawal by agreement of Swift Trade Inc.'s judicial review proceedings against the FSA.