MiFID II
I’ve heard a lot of discussion, and moaning, from my friends amp; contacts in the City over recent months, concerning the apparently onerous regulatory changes being introduced by the EU’s MiFID II (Markets In Financial Instruments Directive). This is a European Directive, but before Brexiteers get over-excited, apparently UK regulators had major input into its drafting.
The intention behind Mifid II seems to have been to make investment markets more transparent, and for consumer protection. However, from what’s happened so far, like a lot of regulations, the actual impact seems to be the opposite of what was intended.
Probably like most of you, I’ve recently had letters from my various brokers, asking me to sign bits of paper. I didn’t really pay a great deal of attention, as admin bores me. However, my main broker just said that the new rules would restrict my access to research notes, so the easiest thing would be if I requested to be registered as a professional client. This means giving up some protections, but I went ahead with it anyway.
Segregation of Funds
My main broker (Spreadex) segregates all client funds already, whether they are retail…
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