Are you all buckled in for the new European regulations coming in?
Tomorrow is the day that Europe’s Mifid II comes into force. The massive new financial legislation is to begin and there’s still a huge amount of financial institutions that aren’t ready for it. The FT has a good brief on what Mifid II is going to cover but one of the areas that we might see affected is a reduction of accessible bank research.
I have a friend who’s spent the last few years building systems to get banks and institutions ready for Mifid and he’s still getting calls from those that either haven’t even started, or are worried that they haven’t covered themselves enough. Good work if you can get it 😉
The new regulation document contains 1.7 million paragraphs.
We shouldn’t really see any market impact straight away but moving forward, we’ll no doubt here about the firms that are either behind, or falling foul of the new regs. Mainly, it’s just something to be aware of.
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