MiFID II will profoundly affect the portfolio management business. ECMI Commentary No. 47/24 January 2018

Lannoo, Karel. (2018) MiFID II will profoundly affect the portfolio management business. ECMI Commentary No. 47/24 January 2018. [Policy Paper]

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Abstract

The first indications to emerge from the impact of MiFID II, following its implementation on 3 January 2018, suggest that … more time is needed. The breadth, complexity and detail of the issues covered in the revamped version of the Markets in Financial Instruments Directive meant that even the delay of one additional year in its implementation was not sufficient to adequately prepare supervisors and operators for the challenges. Judging by the last-minute Q&A updates and guidance issued by ESMA (European Markets and Securities Authority) immediately before the deadline, market participants still required clarification on many details. This process can be expected to continue for some time (see e.g. ESMA, 2017). Changes to the portfolio management business, apply right away and may also require further guidance.1 But at least the process has started, and it is far-reaching.

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