Mifid II: SEC poised to issue no-action relief

Author: John Crabb | Published: 6 Sep 2017

Following months of speculation, there could finally be some clarity on how the Securities and Exchange Commission (SEC) plans to address a sweeping new EU regulation affecting broker-dealers and asset managers in the United States.

A US-based partner, who is working with the regulator on the fix, confirmed to IFLR that there is an ongoing discussion at the regulator, and that a solution could be announced as soon as October.

The Markets in Financial Instruments Directive (Mifid) II clashes with the norms of doing business in many countries, including the US. According to sources, responding to these issues could be newly confirmed chairman Jay Clayton’s first significant act in the role.

Positive inroads

The SEC addressed the issue as early as April. Vanessa Meeks, senior counsel of the investment management division, said at the Securities Industry and Financial Markets Association’s Mifid II seminar in New York that because the...