Christ! I didn't even see the first film, dear reader(s). But this sequel is supposed to be a classic, or something. 'Er ... it's not a film, boss.' Yes it is, Voice. PIMFA sent me an email about it last week. You know, the Personal Investment Management & Financial Advice Association? They're not idiots, son. They know what they're talking about. 'It's not a film, boss.' Jesus H. - !!! Look at this email they sent me -
Seven years in the making, with a budget of over $2 Billion and running in compliance costs, the monster movie that is MiFID II is finally on general release!
You see? It's a fucking monster movie like Godzilla, or something. 'Ha!' Yeah. Here's some more -
Such is the history-making nature of this regulatory shift that some brokerage firms were still working into the small hours of yesterday, trying to figure out how to trade under the new rules and comply with a law whose scales are finely balanced between the perceptions of problem and opportunity.
Er ...
Global in its effect - certainly in respect of overseas companies wanting to trade with/into Europe - MiFID II's reforms are ambitious, aimed at strengthening investor protection and increasing transparency. However, at the time of writing, the script is not yet complete given that many areas of the new law and regulations remain opaque and greater understanding is needed before firms and their over-burdened compliance officers can fully get to grips with exactly what they have to achieve.
Eh?! What's this all about?! 'It's not a film, boss. I told you. It's just finance stuff. They're trying to make it sound sexy by pretending it's a new monster movie. Like Godzilla. Or something.' Well, why on earth would they do that?! 'I don't know, man. I don't know how their minds work.' Okay. Well, this is very disappointing.
Even the FCA, as the competent UK regulatory authority, are unable to "give guidance on European guidance" and are consequently uncertain how best to put some of these elements into practice.
FCA will expect firms to demonstrate that they have made realistic efforts to implement the new rules. But they have also said that they realize that not everything can be put in place at once and will be flexible in their approach to supervision in this regard. In particular, they will be looking for feedback from the market on implementation issues.
Yeah, yeah. Thank you, PIMFA. I'm sure this story is really fascinating and everything ... to some people. / Let's move on, reader(s).
...
Anything else? Uh, move on to what though? I ain't got much else to say today. I'll be doing a conceptual later, No. 576, but you probably guessed that.
So, er, laters, yeah?
Seven years in the making, with a budget of over $2 Billion and running in compliance costs, the monster movie that is MiFID II is finally on general release!
You see? It's a fucking monster movie like Godzilla, or something. 'Ha!' Yeah. Here's some more -
Such is the history-making nature of this regulatory shift that some brokerage firms were still working into the small hours of yesterday, trying to figure out how to trade under the new rules and comply with a law whose scales are finely balanced between the perceptions of problem and opportunity.
Er ...
Global in its effect - certainly in respect of overseas companies wanting to trade with/into Europe - MiFID II's reforms are ambitious, aimed at strengthening investor protection and increasing transparency. However, at the time of writing, the script is not yet complete given that many areas of the new law and regulations remain opaque and greater understanding is needed before firms and their over-burdened compliance officers can fully get to grips with exactly what they have to achieve.
Eh?! What's this all about?! 'It's not a film, boss. I told you. It's just finance stuff. They're trying to make it sound sexy by pretending it's a new monster movie. Like Godzilla. Or something.' Well, why on earth would they do that?! 'I don't know, man. I don't know how their minds work.' Okay. Well, this is very disappointing.
Even the FCA, as the competent UK regulatory authority, are unable to "give guidance on European guidance" and are consequently uncertain how best to put some of these elements into practice.
FCA will expect firms to demonstrate that they have made realistic efforts to implement the new rules. But they have also said that they realize that not everything can be put in place at once and will be flexible in their approach to supervision in this regard. In particular, they will be looking for feedback from the market on implementation issues.
Yeah, yeah. Thank you, PIMFA. I'm sure this story is really fascinating and everything ... to some people. / Let's move on, reader(s).
...
Anything else? Uh, move on to what though? I ain't got much else to say today. I'll be doing a conceptual later, No. 576, but you probably guessed that.
So, er, laters, yeah?
