Brexit update – Further possible divergences

It is now four months since the end of the transitional phase of Brexit, which ended on 31st December 2020. This catch up post recaps the related news from Q1. Since then, the UK’s Financial Conduct Authority (FCA) has launched a consultation into possible changes to the MIFID II conduct and organisational requirements (see here). The consultation states that the changes are part of a wider programme which include changes to the commodity derivatives regime (section 2.3). This article on the Bloomberg web site describes how some have welcomed proposals to reduce the scope of some of the MIFID II research requirements. This article on FT.com also discusses the proposed changes. The FCA has also launched a consultation on a new prudential regime (see here). Plans for further changes to MIFID II in the UK, including the scrapping of the Share Trading Obligation, were announced in a speech by Rishi Sunak, the Chancellor of the Exchequer (see here on The Trade News). This article on Reuters reports on a statement by the FCA about how Brexit can be used to make the UK more attractive to the international financial industry and could be driving some of the changes. This article… continue reading

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