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Kay Swinburne, Vice Chair of Financial Services, comments on the Commission's review of MifidII

Kay Swinburne, comments on Commission's review of Mifid

The Commission’s intention is to review specific parts of MIFID II – including establishing a consolidated tape, which is welcome – but once the file is open to co-legislators it will be hard to limit the changes.

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Kay Swinburne, Vice Chair of Financial Services KPMG: “The Commission’s intention is to review specific parts of MIFID II – including establishing a consolidated tape, which is welcome – but once the file is open to co-legislators it will be hard to limit the changes. Without the UK at the table, points relating to non-discriminatory access could be at risk, such as open access on trading venues and CCPs. The UK argued for open and competitive access but some other member states were not in favour. In my opinion, the high cost of post-trade services in the EU, which are ultimately borne by the end investor, won’t go down if competition is not facilitated by enabling choice.

“The Commission’s review of whether the consumer protection rules are fit-for-purpose, especially as they relate to professional investors, is also welcome. It is clear that the many disclosures aimed at retail clients are not needed by professional managers.

“Further, reopening the debate on commodities and the position limit regime will no doubt be as political as ever and will generate huge involvement from non-financial services parties. Balancing these vested interests will be difficult.

“The UK will be keeping a keen eye on how MIFID evolves and will need to consider carefully whether it implements any of the proposed changes. When MiFID II was being negotiated, the UK sought to ensure that the views of other key regulators, like the US SEC, were considered. The UK will wish to continue to take into account the global perspective in its own rule-making.”


ENDS

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© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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