“The thing I have least patience with is companies not telling me they have a problem,” said Megan Butler, director of supervision at the UK regulator. “We know Mifid II is difficult to implement.” [...]
Ms Butler added the FCA would refrain from adopting a draconian enforcement approach come early January. “I want to make it clear that we will take a sensible and proportionate approach to Mifid’s introduction,” she said.
In September the regulator indicated it was looking for evidence that financial companies had “taken sufficient steps to meet the new obligations” by January 3.
“As always, we intend to act proportionately. In this context, this means we will not take a strict liability approach, especially given the size, complexity and magnitude of the changes that are required to be in place,” said Mark Steward, the FCA’s executive director of enforcement and market oversight.
However, he warned that “our disposition is likely to be different where companies have made no real or genuine attempt to be ready, or where key obligations are deliberately flouted”. [...]
“The research question will continue to be a focus as we go through the implementation phase,” Ms Butler said.
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