Mifid will mandate onerous new trade reporting requirements from January 2018
By Rory McLaren, senior vice president of
Regulatory Services, Deutsche Boerse Market Data and
The past twelve months have been
characterised by uncertainty and surprise for the Financial
Services industry in Europe, with Britain’s
decision to exit the European Union signalling an indefinite
period of volatility. The decision also poses a number of
questions regarding new market regulation deadlines
approaching; for trading firms, the most pertinent being Mifid
II. Investment firms will now be spending 2017 readying
themselves for new rules to come into action in January 2018 as
well as planning for the landscape post-Brexit.
When it comes to transaction reporting,
the FCA has taken a relatively robust approach – in a
statement following the referendum result the regulator
outlined that despite Brexit, it will be 'business as
usual’: "Much financial regulation currently
applicable in the UK derives from EU legislation. This
regulation will remain applicable until any changes are made,
which will be a matter for Government and Parliament. Firms
must continue to abide by their obligations under UK law,
including those derived from EU law and continue with
implementation plans for legislation that is still to come into
effect," the Financial Conduct Authority has noted.
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