After a rocky start to the implementation of MiFID II, the investment industry has already begun to consider what the next iteration of the landmark directive could mean for their businesses and the regulation of European markets, with a number of key issues yet to be resolved.
Years of preparation for MiFID II, which came into force on 3 January, have not guarded firms against difficulties in its implementation, with areas of contention including fund transaction cost calculations, research acquisition rules and client call recording. MEP Kay Swinburne, who was a key UK representative in the formation and introduction of MiFID II, was likely the first high-profile figure to discuss the idea of "MiFID III" last year, saying concessions had been made in legislating for MiFID II and a third iteration of the directive would be used to rectify concerns. Jon Dean...
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