The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement
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UK Law: What's Next? – MIFID 2 - New TCF
Access Regime (Cont.)
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Cooperation arrangements have been established between ESMA and the relevant
regulator covering the exchange of information and access to information regarding
TCFs, notification by third-country regulators to ESMA that a TCF is in breach of
licensing conditions, and coordination of supervisory activities including on-site
inspections
Retail and elective professional clients
A member state may decide between the continuation of its own national regime
(which may or may not require a local branch) and the MIFID 2 branch regime
under which a branch must be established in the relevant EEA country, which
would need local authorization and supervision including prudential requirements
Morgan Lewis
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