German Bank Group Decries 'Massive' MiFID Burden
Law360, London (October 18, 2017, 3:40 PM BST) -- Germany’s top banking association launched a broadside against the forthcoming overhaul of European securities laws on Wednesday, saying the rules will cost German banks alone €1 billion ($1.2 billion).
Michael Kemmer, managing director of the Association of German Banks, said in a speech in Frankfurt that the burden of compliance with the new Markets in Financial Instruments Directive, known as MiFID II, was out of control. Further review and adjustment was needed, he said.
Kemmer said the rules, which become live on Jan. 3, would cost German banks billions of euros, and added the money could be better spent on more...
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