FCA: Mifid II enforcement will be proportional
While enforcement may not be immediate, participants need to show they have taken sufficient steps to meet requirements
Following the kick-in date of the second Markets in Financial Instruments Directive (Mifid II) in January, firms that are not fully compliant immediately will be protected from enforcement action by the Financial Conduct Authority (FCA), provided they can show they have taken sufficient steps to meet the requirements, said Mark Steward, executive director of enforcement and market oversight at the UK regulator, in a speech to the AFME European Compliance and Legal Conference on September 20.
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