Implementation measures in the form of a Commission Directive and Commission Regulation were officially published on 2 September 2006. Contents Scope To determine which firms are affected by MiFID 1 and which are not the directive distinguishes between "investment services and activities" ("core" services) and "ancillary services" ("non-core" services). More detail on the services in each category can be found in Annex 1 Sections A and B of MiFID 1. If a firm performs investment services and activities, it is subject to MiFID 1 in respect to both of these and also of ancillary services (and it can use the MiFID 1 passport to provide them to member states other than its home state). However, if a firm only performs ancillary services, it is not subject to MiFID 1 (but nor can it benefit from the MiFID 1 passport). MiFID 1 covers almost all tradable financial products except for certain foreign exchange trades. This includes commodity and other derivatives such as freight, climate and carbon derivatives, which were not covered by ISD. That part of a firm's business that is not covered by the above is not subject to MiFID 1. Celent, a financial services consultancy, estimated in 2007 that under MiFID 1, the three largest EU jurisdictions—France, (Germany), and the UK—would require publication of over 100 million additional trades annually, with spending increasing as well but at a slower rate, from €38 million yearly to close to €50 million. Substance Authorisation, regulation and passporting Firms covered by MiFID 1 will be authorised and regulated in their "home state" (broadly, the country in which they have their registered office). Once a firm has been authorised, it will be able to use the MiFID 1 passport to provide services to customers in other EU member states. These services will be regulated by the member state in their "home state" (whereas currently under ISD, a service is regulated by the member state in which the service takes place). Client categorisation MiFID 1 requires firms to categorise clients as "eligible counterparties", professional clients, or retail clients (these have increasing levels of protection). Clear procedures must be in place to categorise clients and assess their suitability for each type of investment product. That said, the appropriateness of any investment advice or suggested financial transaction must still be verified before being given. Client order handling MiFID 1 has requirements relating to the information that needs