Very interesting to note that while the public consultation on the review of the MiFID II/MiFIR regulatory framework has just ended, the European Commission is considering some MiFID “quick fix” which could be voted before the full review of MiFID II is finalized. The objective of this MiFID “quick fix”, in response to COVID-19, is to support a faster recovery of the economic situation in Europe. Practically speaking the concept would be to ease the work of the banks by removing some cumbersome or inefficient MiFID II requirements.
Topics currently being discussed are, amongst others, confining cost and charges disclosures to retail clients, reducing the need for a “suitability assessment” each time an investment decision is taken for professional clients, easing conversation recording requirements, paper-based information could be replaced by information in an electronic format, etc…
Still proposals at this stage, but they are going in the right direction.
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