Join the Community

22,077
Expert opinions
44,027
Total members
419
New members (last 30 days)
204
New opinions (last 30 days)
28,695
Total comments

ESMA stops short of a no-action letter

Having taken several years to get through the review of MiFID, it was interesting to hear from ESMA chair Steven Maijoor last week that there is an appetite to “explore the mechanisms to address regulatory adjustments in a flexible and agile manner”.

Neither national authorities nor ESMA have any tool like the ‘no-action letter’ employed in the US. Given that the rules may not be completely finalised until a year (possibly less) before the MiFID II January 2017 go-live date there will be huge implementation challenges. It’s good to know, then, that the regulator sees the need for extreme vigilance when monitoring for possible unintended consequences of the new regime. A ‘no-action’ mechanism could well prove necessary ahead and in the wake of MiFID II.

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Join the Community

22,077
Expert opinions
44,027
Total members
419
New members (last 30 days)
204
New opinions (last 30 days)
28,695
Total comments

Now Hiring