EU Warns UK Firms Against Tactics To Skirt MiFID Rules
Law360, London (January 13, 2021, 2:48 PM GMT) -- The Europe Union's markets regulator warned British finance companies on Wednesday against soliciting EU business with on-line marketing tactics that could be in breach of the bloc's market regulations.
The European Securities and Markets Authority warned of " questionable practices," in what lawyers are calling an early sign of friction between London and Brussels over regulation after Brexit.
The regulator has told banks, asset managers and insurers in Britain not to abuse so-called reverse solicitation rules within the Markets in Financial Instruments Directive now that the transition period has ended.
The revised directive, known as MiFID II, allows a finance company based...
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