Financial lawyers speculate on the implementation of Mifid II after Brexit
London-based lawyers have Friday raised
concerns over the implementation of Mifid II in the UK,
following the announcement of the Brexit vote in the early
hours of the morning.
There is legal uncertainty over how Mifid
II will be implemented, experts have warned. "MiFID II and MAR
have had such significant UK input that I doubt the UK would
not implement it even if it had the chance. It probably doesn't
have the chance because the EU markets and customers are
important to UK firms," Sam Tyfield, partner at law firm
VedderPrice told FOW.
Although Mifid II is set to come into
force before the two year process that will be required for the
UK to leave the EU ends, some aspects of the regulation may not
"There may be bits, like Annex 4
reporting, which the UK doesn't implement but basically MiFID
II is coming. I would hope that passporting would remain in
place because of that, but things could go and remain frosty
quickly in the next two days, with Commissioner Hill being
removed from the FS brief," Tyfield added.
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