MiFID II contains many flawed proposals, including a "wholly impractical" third-country regime that could create a "Fortress Europe", "unworkable" investor protection rules, and an "unsophisticated" approach to pre-trade transparency, according to a UK parliamentary committee.
In a report published today, members of the House of Lords Economic and Financial Affairs EU Sub-Committee scrutinizing the European Commission's proposals for a Markets and Financial Instruments directive and regulation were also concerned that: the proposed new Organized Trading Facility (OTF) venue category could lead to an overly complex regime, which would not distinguish clearly between trading on organized venues and over-the-counter (OTC) trading; and that extending the scope of MiFID I's flawed and "unsuccessful" Systematic Internalizer (SI) regime to cover more OTC business would be undesirable.
"With a package of the size, complexity and importance of MiFID II, it is more important to get the legislation
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