Regulator extends 10% drop rule suspension for additional six months

The temporary coronavirus pandemic-related measure was first introduced in March this year as market volatility spiked. 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, during the early stages of the pandemic and subsequent market turbulence, the rule became burdensome on financial advisers and others as they had to report on multiple drops. The watchdog said firms had complained this regulat...