The EU’s MiFID II ‘Quick Fix’ provisions will apply from 28.02.2022

The MiFID “quick fix” regulation is a standout in regulatory terms – it softens rather than tightens regulations.

The Quick Fix Directive is part of the Capital Markets Recovery Package with the dual aims of supporting post COVID-19 economic recovery and reducing bureaucracy (we said this regulation was different!) – whilst maintaining investor protection.

The quick fixes aim to simplify elements of the following:

• information and reporting requirements
• product governance
• research requirements
• the commodity derivatives regime

In tandem the Commission is separately required to carry out a detailed review of the MiFID II Directive. ESMA will close its consultation 27 April 2022 with a final report published in Q3 2022.

Whilst post Brexit neither, the MiFID II quick fix amendments or full MiFID II review will apply in the UK, Investment Managers operating in the UK will still need to comply – furthermore the FCA is expected to mirror many of the amendments.

The Quick Fix Directive provides an opportunity to review MiFID II related processes and policy to ensure compliance is set at the right level.

ISC can help you review existing MiFID II processes and controls to achieve a ‘Clean Bill of Health’, adopt best practice and reduced operational and regulatory risk as part of a MiFID II focused remediation or refresh exercise.