Even while Brexit pushes pause on so many policy issues, the implementation of Markets in Financial Instruments Directive “II” (MiFID II) moves forward in the UK. The MiFID is a collective regulatory approach to streamlining the purchase and sales of securities across Europe. MiFID II is an update from the previous version to “introduce substantial and wide ranging measures designed to improve investor protection and promote market integrity, and to meet G20 commitments on reforming and strengthening derivatives markets.”
So while the EU Referendum decision is compelling the UK to move away from Brussels the is still due to apply from 3 January 2018. This impacts all financial firms be they alternative financial providers or the more traditional kind.
Andrew Bailey, Chief Executive of the FCA, released a statement on MiFID II;
“MiFID II contains important measures to enhance investor protection and bolster financial stability. It reflects recent themes of UK conduct regulation, such as improved controls on the manufacturing and distribution of financial products, and it implements the international commitments the UK entered into to reform derivatives markets following the financial crisis. As we said in our statement following the EU referendum, firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect.”
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