The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement
UK Law: What's Next? – MIFID 2 – New TCF
-
Access Regime
• MIFID 2 prescribes harmonized requirements regarding the ability of TCFs to access
EEA markets and will change the structure of regulation re: TCFs
• MIFID 2 deals separately with (a) per se professional clients and eligible counterparties
("wholesale") and (b) retail and elective professional clients
• EEA countries have some discretion relating to access by TCFs to retail and elective
professional clients
Wholesale
National third-country regimes will continue until a positive decision by European
Commission RE: equivalence of the relevant third-country standards to EEA prudential
and business conduct standards
Transitional period of three years following a positive equivalence decision - Existing
national regime continues to run
Morgan Lewis
65View entire presentation