Anne Plested, Fidessa
Neither national authorities nor ESMA have any tool like the 'no-action letter' employed in the US. Given that the rules may not be completely finalised until a year (possibly less) before the MiFID II January 2017 go-live date there will be huge implementation challenges.
It's good to know, then, that the regulator sees the need for extreme vigilance when monitoring for possible unintended consequences of the new regime. A 'no-action' mechanism could well prove necessary ahead and in the wake of MiFID II.
For this and other postings from Fidessa click here