MiFID II is coming
With consultations coming out from local regulators at a rapid pace, the implementation of MiFID II (and MiFIR) has received little fanfare locally. However, for businesses offering a wide range of investment services this regulatory package (live from 3rd January 2018) can have significant impact on third country investment businesses providing services into the European Union.
Both MiFID II and MiFIR contain third country provisions, and there are a few key points to highlight:
- For dealing with retail and opt-in professional clients (under MiFID II) an EU country may require that the third country firm establish a branch
- No country has yet been assessed for equivalency under MiFIR
- Significant delays have already been experienced with the full third country regime under AIFMD – therefore MiFIR equivalency may not be imminent
How MiFID II and MiFIR are implemented into a third country business will vary based on the services being provided, the countries they are provided into and the method by which the clients in those countries are sourced.
To help deal with this, Midshore have created a cost effective practical workshop and scope check package to give your business the essential tools it needs to make informed decisions on MiFID II / MiFIR. For details on the package, please see our flyer here.
For assistance with any aspect of MiFID II & MiFIR (or maybe just the comfort that your business is out of scope) please contact us. Details of the services we offer are provided on our dedicated MiFID II webpage.