Remarks by M. Centeno following the Eurogroup meeting of 1 October 2018

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ESMA LETTER TO EUROPEAN COMMISSION ON MIFID II/MIFIR THIRD-COUNTRY REGIMES

The letter highlights a number of items, which are relevant in the context of the United Kingdom’s withdrawal from the European Union, in particular:

Concerns regarding the MiFIR regime for third country firms providing investment services and activities to eligible counterparties and per se professional clients;
Concerns regarding the MiFID II regime for third country firms providing investment services and activities to retail and professional clients on request;
Third country firms providing investment services and activities at the exclusive initiative of EU clients (reverse solicitation); and
Investment firms outsourcing critical or important functions other than those related to portfolio management to third country providers.

The letter highlights a number of items, which are relevant in the context of the United Kingdom’s withdrawal from the European Union, in particular:

Concerns regarding the MiFIR regime for third country firms providing investment services and activities to eligible counterparties and per se professional clients;
Concerns regarding the MiFID II regime for third country firms providing investment services and activities to retail and professional clients on request;
Third country firms providing investment services and activities at the exclusive initiative of EU clients (reverse solicitation); and
Investment firms outsourcing critical or important functions other than those related to portfolio management to third country providers.