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
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.
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