07 November 2011

European Commission suggests MiFID II "compatible" with RDR

The European Commission says it expects the RDR to be compatible with MiFID II, despite the current draft of the new Directive only focusing its proposed commission ban on the independent sector.

In an interview with Financial Times publication 'Ignites Europe', an official from the EC suggests an RDR ban on all advisers receiving commission would be possible. The Commission says: "While requirements under the new MiFID will have to be implemented on a national level, Member States could be able to cater for additional requirements. The approach adopted by the UK does not seem incompatible with the revised MiFID rules."

MiFID II negotiations will now move to the European Parliament. Industry experts have previously warned that although the EC may be accepting of the FSA’s RDR case, it may be harder to convince the European Parliament.

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