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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

EFAMA submits its response on the review of the MiFID II/MiFIR

On 22 May 2020, the European Fund and Asset Management Association (EFAMA) submitted its response to the European Commission’s consultation on the review of the MiFID II/MiFIR regulatory framework, in which the Association’s recommendations on investor protection and capital markets and infrastructure have been outlined.

While the MiFID II/MiFIR framework is mostly working as intended, EFAMA believes that more can be done to encourage retail participation in the EU capital markets.

EFAMA has always been supportive of the main objectives of the MiFID II/MiFIR framework. For the most part, the framework is working as intended with provisions being appropriately regulated. EFAMA calls for targeted improvements such as to provide more flexibility to professional investors, to increase market transparency by mandating the creation of a consolidated tape for all financial instruments and to address data quality and data cost issues through a stricter implementation of existing rules.

In the response it is strongly suggested in making thematic Q&A updates on a yearly basis, with enough time for the industry to implement these changes. Moreover, in accordance with the principles of good regulation and with the revised powers of the European Supervisory Authorities (ESAs), the industry and other impacted stakeholders should be able to comment on the proposed answers to questions, before those answers are published as final.

EFAMA urges the Commission and the ESAs to make use of their enforcement powers, to make sure that Member States and their relevant National Competent Authorities fully apply all the existing and future provisions of MiFID.

EFAMA’s press release can be found here.

EFAMA’s Response to the consultation can be found here.