The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement
UK Law: What's Next? – MIFID 2 - New TCF
2-
Access Regime (Cont.)
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For all client types, MIFID 2 does not restrict the provision of cross-border investment
services to EEA clients by TCFs where it is at the clients' "own exclusive initiative" and to
that extent allows reverse solicitation by a TCF without authorization or registration
Proposed UK approach to exercising MIFID 2 discretion
The UK government is not inclined to apply the branch requirement regime for retail and
elective professional client business
Consequently:
• The UK overseas persons carve-out will not need to be abrogated and substituted with
a narrower "own exclusive initiative" concept - good news for TCFS wishing to access
the UK
• The UK retail client base will not be protected by the MIFID 2 branch regime
Morgan Lewis
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