Brexit Preparations Block MiFID Third Country Guidance
By Samuel Wilkes
March 17, 2017, Risk
Maintaining a strong hand for the EU27 member states in the Brexit negotiations with the U.K. is now taking priority over providing guidance for third countries on a key piece of European financial regulation, Risk.net has learned.
The possible impact on non-European jurisdictions is one of the major remaining questions around the advent of the second Markets in Financial Instruments Directive (MiFID II) in January 2018. Three sources have given similar accounts to Risk.net of the European Commission putting the brakes on efforts by the European Securities and Markets Authority (ESMA) to produce comprehensive guidance clarifying how far MiFID II affects third-country institutions.