Reflecting on Attempts at MiFID II Reform
By Hugo Bromley
January 4, 2021, Practice Insight from IFLR
The art of regulation is the management of private interests. Any regulator will be faced with a thousand interested parties, all seeking some rule change or other. A repeal here, an extension there. I am very glad they do, because it gives me something to write about.
However, for every suggested amendment, regulators have to listen, understand, and then go away and think about it. They must look at the data, use all the tools that modern economics has given them, and above all, seek out the opinions of those who find it harder to participate in the regulatory process. Regulators must consider not only what is in the short-term interest of the industry, but the long-term interest of the wider economy.
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