EU Eyes Tougher MiFID Rules For Non-EU Biz After Brexit
By Najiyya Budaly (February 3, 2020, 3:52 PM GMT) -- Europe's markets watchdog has moved to toughen up rules that govern how investment companies based in countries outside the bloc provide services to customers in the European Union's single market.
The European Securities and Markets Authority proposed rules on Friday that will force investment businesses established outside the EU to report data every year on their transactions within the bloc. Companies based outside Europe will be required to hand over details to ESMA of the services they provide within the EU under the updated Markets in Financial Instruments Directive, known as MiFID II.
"ESMA [has] the power to ask third-country firms...
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