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MiFID II and the City after Brexit

BBC Radio 4 today programme | 10 January 2017

Listen to the Radio 4 report on MiFID II  here

PA Consulting’s David Biggin, a financial services expert, is interviewed on BBC Radio 4’s Today Programme. David talks about the European Union’s Markets in Financial Instruments Directive (MiFID II). This directive extends the transparency regime that was created for equity instruments in the original MiFID directive and will apply from January 2018. It represents a fundamental change for financial markets, requiring major implementation effort as well as a re-assessment of business models.

David talks about how MiFID II could be a big help to the City after Brexit because it contains something called equivalence. This allows financial companies from outside the EU to do business inside it, as long as their home country has the same standards of regulation. David explains: “Potentially, this could be a way through the mire for many companies. While it is subject to a number of technical decisions by the European Union, they have previously stated that if a country has an equivalent rule set then banks, asset managers, pension funds - a lot of those companies that you see in the press talking about relocating and moving to other European jurisdictions – may actually see some light at the end of the tunnel thanks to this rule.

David concludes: It’s a technocratic decision rather than a political decision so all signs point to us being allowed to transact on the assumption that we are equivalent to MiFID II.

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