What does MFCS mean in UNCLASSIFIED

The Modified Flexible Complementary Scheme (MFCS) is an innovative new approach to financial services regulation created by the European Commission in 2005. It seeks to increase competition and consumer choice in the European financial services sector, while also providing effective regulation of the market.

The MFCS was established as a response to changes in financial markets that were not addressed by traditional regulatory models. It seeks to create a more flexible, responsive system that can accommodate shifts in market structure or technology that may not have been foreseeable when traditional regulations were put in place.

MFCS achieves its goals by focusing on integrated regulatory responses instead of isolated rules and regulations for each product or service offered by firms operating within the EU's financial market. This allows for greater flexibility and responsiveness when it comes to developing adequate protections for consumers against potential risks posed by open markets or technological advancements.

The MFCS applies broadly to all firms offering financial services within the EU and any activities related thereto, regardless of whether they are conducted online or offline, at home or abroad. These firms are required to comply with certain guidelines set out within the scheme in order ensure fair competition between them and provide adequate protections for consumers.

Yes, further details regarding MFCS can be found on the EU's website dedicated to this scheme at http://ec.europa.eu/internal_market/regcapital/mfcs/.