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Still applies post-Brexit. Following the result of the UK’s referendum on its membership of the EU, firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for MiFID II and other pieces of EU financial services legislation that are due to come into effect in the UK.
The market is less stringent than UK with more focus on process and principles. There is no gold-plating across firm types and macro is in/out of scope.
The market is more weighted to Fixed Income and while asset managers have not seen an issue with bundled services there are stronger concerns over VAT implications and master KVG implications. BaFin will implement MiFID II directives into law verbatim.
Global organisations still need to understand what is MiFID II and how can it impact their business. 82% of surveyed U.S. firms with global operations plan to implement some form of unbundling, with Asian/Australian firms also considering implementation. Bank pricing regimes are also likely to be impacted on a global scale.
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