By Thomas Donegan (December 13, 2017, 12:44 PM EST) -- The issue of "third country access" became highly politicized during the final throes of the Markets in Financial Instruments Directive 2's legislative passage. Earlier this year, the U.K. introduced a statutory instrument reflecting the agreed outcome at EU level — that non-EU firms can have access to EU wholesale markets on the basis of national exemptions, without local regulation. The European Securities and Markets Authority (ESMA) has now doubted this approach, publishing a dubious interpretation that would require exchange members of EU exchanges to be locally regulated if they provide clients with access to such exchanges. This puts the EU supervisory authority in conflict with the U.K.'s regulators and Parliament and creates potential issues in other countries, such as Germany, which have also sought to interpret the EU rules differently....
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