EU Regulators Warn that miFID II Directive Terms May Change After Brexit
The EU Directive: Markets in Financial Instruments II (MiFID II) will have to be amended following Brexit, the ESMA (The European Securities and Markets) has announced. The announcement comes after it was revealed that under the current standards, EU customers purchasing investment insurance will no longer have any protection outside the EU.
ESMA has proposed that the principles ought to be changed in order to obligate firms from third party countries to continue to report any new European clients to EU authorities accordingly as is currently required. Brexit may create a loophole in the existing Directive.