According to the MiFID directive, intermediaries are required to identify conflicts of interest themselves and adopt organizational arrangements capable of preventing them; the regulatory authorities are controlling the effectiveness of the measures adopted and establishing appropriate transparency obligations. The Minister for the Economy and Finance has recently consulted the Bank of Italy on draft criteria for the mandate to transpose the MiFID directive.
The management of currency across the Indian sub-continent was evidently a huge task, requiring creation of currency circles. The Presidency banks were made agents for issue and redemption. In 1913, the Office of  BIS Review 35/2010  1  Controller of Currency was established replacing the Currency Department in the Government.