The UK’s Brexit vote to leave the European Union sent a shock through financial markets, but will it throw Britain’s compliance with MiFID II into a tailspin? FlexTrade’s Ivy Schmerken investigates.
MiFID II: Brexit, Pain Points and Other Hurdles
Brexit Impact
The UK’s Brexit vote to leave the European Union sent a shock through financial markets, but will it throw Britain’s compliance with MiFID II into a tailspin? From a legal standpoint, Britain is still under the jurisdiction of existing European laws for at least the next two years. Prior to the vote, pundits said that buy- and sell-side firms would be subject to MIFID II’s rules since the implementation date is January 2018.
The UK government officially notifying the EU of its intention to leave (under the provisions of “Article 50“) will trigger a two-year period of complex negotiation between lawmakers in London and the EU to rewrite trade agreements and laws that tie the UK to the European Union, according to Law 360’s Capital Markets report on the morning after Brexit’s vote.
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