The German Federal Ministry of Finance wants to change the EU’s Financial Markets Directive even though the top EU watchdog has stated that it is too early to tell whether or not the current legislation has been successful.
In the end of August, the ministry published two position papers outlining the changes to the law, usually referred to as MiFID II. The papers suggested changes in investor protection and market structure issues.
The idea behind these changes was to incorporate the experience of market participants, investors and associations into EU financial market law.
However, back in July the European Securities and Markets Authority (ESMA), the EU’s financial watchdog, stated that it was too early to tell what effect the laws had had. MiFID II was implemented in 2018.
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