Call for MiFID II Standardisation – 20th Jan 2017
Deutsche Bank and other financial institutions are calling for more standardisation of the criteria set out in the European supervisor’s guidelines on Markets in Financial Instruments Directive II product governance. Responding to the European Securities and Markets Authority’s draft guidelines on product governance, Matt Holmes, head of regulatory policy, Deutsche Bank, said without automation and standardised processes in target markets, clients would lose access to a broad product range. Holmes said categories for “type of client” should be limited to those in MiFID II. Further categories such as “private wealth” clients or “sophisticated” clients had no standard definition, which would not enhance clarity; they overlapped with other target market criteria, which could confuse. Holmes said that to include “knowledge and experience” in the target market criteria presented challenges because this was not standardised.
Jan 20 2017 Alex Davidson, Regulatory Intelligence