Regulator temporarily softens 10% drop notification rule for coronavirus crisis

Firms providing portfolio management services or holding client accounts have had to notify clients of 10% market drops since the Markets in Financial Instruments Directive II (MiFID II) came into effect a little over two years ago. However, in the recent market turbulence the rule has become burdensome on financial advisers and others as they have had to report on multiple drops. The watchdog said firms had complained this regulation had created an "operational burden". FCA investment pathways implementation paused as DB transfer work continues In order to help firms during the cu...