Rethink of Mifid, MAR extraterritorial impact ‘on the table’

Rethink of Mifid, MAR extraterritorial impact ‘on the table’

By Samuel Wilkes
October 9, 2020, Risk

Problems associated with the extraterritorial reach of European Union market abuse rules will be tackled in due course, according to a Spanish regulator. Rodrigo Buenaventura, general director of markets at the Comisión Nacional del Mercado de Valores (CNMV), told an online conference that regulators were aware of the difficulties with the Market Abuse Regulation (MAR) and second Markets in Financial Instruments Directive (Mifid II).

“We need to look at this [extraterritorial scope] in a MAR and Mifid perspective,” said Buenaventura during the conference, which was hosted by the Association for Financial Markets in Europe on October 8. “I’m pretty sure this is on the table, it has caused a lot of problems with the trading obligation and I’m pretty sure it will be dealt with.”

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