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Brexit, Mifid

MiFID II and third country equivalence

Many firms outside the EU, based in “third countries”, are in the process of understanding if and how MiFID II applies to them. One concept which makes compliance for such companies easier is that of “regulatory equivalence”, where a third country regulatory regime is recognised as equivalent, which lowers the barriers for third country firms. This article by George Bollenbacher of Capital Markets Advisors, posted on the Tabb Forum, investigates the status of such recognition, and highlights the difficulty in finding out appropriate information.

With the countdown to “Brexit” underway, many of these issues will also need to be considered from a UK perspective as the date approaches. It remains to be seen how the UK will approach becoming a third country to the European Union, although the FCA recently alluded to Brexit in their “business plan” documents (see here).

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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