Why there is nowhere to run from MiFID II
So you’re thinking that perhaps you can escape from beyond the grasp of MiFID II? Well you can’t because it’s going to affect everyone, and by everyone we’re including little Johnny’s savings account to Aunt May’s pension fund. And here’s why.
What is Mifid II?
MiFID II refers to the EU’s formidable and wide ranging regulatory reforms. With a name that’s never going to be at the tip of your tongue, ‘Markets in Financial Instruments Directive’, you can see why most people keep to the acronym. Revised from an earlier version, MiFID, take 2, is intended to offer greater protection for investors, inject more transparency into the entire industry, update existing rules so that they are up to date with technological developments and tackle under regulated areas of the financial system, which generally refer to the off-exchange markets of bonds and derivatives.
Why you may want to run beyond its reach
Filled with over 1.4 million paragraphs of legislation, this extensive rule book is enormously complex and not yet finished being converted in to local regulation standards, by more than half of the EU’s member countries. All in all, making it quite a challenge for many brokers to identify even how the new rules are supposed to be implemented.
Why there is nowhere to run from MiFID II Conclusion
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