The FCA opens Consultation Process to obtain Industry’s View on Loosening the UK’s Implementation of MiFID Rules
FCA takes first steps in using increased independent powers derived from Brexit to boost the UK as an investment friendly jurisdiction
The FCA has launched a consultation process in relation to potential changes to MiFID’s conduct and organisational requirements. The amendments relate primarily to two areas; the scope of research payments and “best execution” reporting requirements. The FCA are demonstrating a willingness to consider reducing the regulatory burden in the markets they supervise provided that the highest regulatory standards and market integrity are not compromised.
The consultation process is a clear indication of the FCA’s rhetoric from earlier in the year coming to fruition by using their autonomic position to further the UK as a more business and investor friendly jurisdiction whilst maintaining standards and protections. We expect to see further initiatives to enhance the UK as the onshore jurisdiction of choice in the new Post-Brexit environment.