MiFID II was intended to make the rules and regulations surrounding financial markets in the EU clearer and more effective. Greater transparency was also a significant concern. One of the most important reasons for the creation of MiFID II were the revisions made to fall in line with ever-growing and changing technology.

Now the UK has left the European Union (EU) there is an opportunity to reshape European legislation, or regulations, particularly in areas such as Financial Services, to better suit the UK market. In the case of MiFID however, PIMFA is concerned that there is a danger the Government’s Edinburgh Reforms risk throwing the baby out with the bath water. PIMFA would recommend the Government use a scalpel rather than a sledgehammer to reform MiFID given many of the reforms benefit the UK sector and have already been implemented by firms.

PIMFA produced a MiFID II Project Bible to assist firms with implementation.

We have retained it here as a useful source of reference.