23 November 2017
Anne Plested

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Anne Plested - Fidessa

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ESMA stops short of a no-action letter

30 March 2015  |  3323 views  |  0

Having taken several years to get through the review of MiFID, it was interesting to hear from ESMA chair Steven Maijoor last week that there is an appetite to “explore the mechanisms to address regulatory adjustments in a flexible and agile manner”.

Neither national authorities nor ESMA have any tool like the ‘no-action letter’ employed in the US. Given that the rules may not be completely finalised until a year (possibly less) before the MiFID II January 2017 go-live date there will be huge implementation challenges. It’s good to know, then, that the regulator sees the need for extreme vigilance when monitoring for possible unintended consequences of the new regime. A ‘no-action’ mechanism could well prove necessary ahead and in the wake of MiFID II.

TagsTrade executionRisk & regulation

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job title EU Regulation Change
location London
member since 2013
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I head up the regulation change programme for Fidessa in Europe. Since joining in 2009 I have played a significant role in the establishment of the Fidessa Regulation Team, monitoring and evaluating t...

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