Mifid II will split Ucits

The European Commission's proposals for Mifid II (as it is widely referred), released on 20 October, state: "Investment firms are allowed to provide investment services that only consist of execution and/or the reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client." This will exclude "financial instruments, including collective investment in transferable securities (Ucits), which embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved". It is...