The president of the Commission National of the Market of Values (CNMV), Sebastián Albella, has advocated this Friday make "a few tweaks" in the european directive MiFID II now that the Uk will leave the European Union . "In large measure, the regulations related to the investment services directive, MiFID II is a legacy of United Kingdom and I think we europeans must ask ourselves if there are to tweak anything," he defended.
Well, now approaching two years since it began to apply the MiFID II , Albella believes that "it is reasonable to think in to see what has worked and what has not worked". As stated in statements to the media after participating in the Day of the Auditor of the Comunitat Valenciana, when asked about what points you think should be reviewed in the european directive.
According to Albella, the MiFID II has already passed the first year of implementation, which is 2018 and is already advanced by 2019, so that now there are "some experience" and "it is reasonable to think in to see what has worked and what has not worked".
In his opinion, there are "some rules of MiFID II and the rules relating to financial advice or certain rules on information to the investors that, at best, have been a bit excessive in terms of burdens for businesses or that may have affected undermining the business of local operators".
For this reason, he believes that the MiFID II " worth an analysis and maybe a few touch ups". In addition, "we have to compete with, among others, the british now", remarked.Updated Date: 28 September 2019, 00:04