Regulators have been told to go easy of MiFID II implementation for the time being. That’s why there’s been little coverage of the impact from this measure since its introduction. Analogies have drawn with the Phoney War period from September 1939 to May 1940.

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Why did the FCA decide to do it? This seems to have been lost in all the interest and debate taking place – both in the UK and beyond – about the fund governance reforms to the UK. The answer to this question is key to understanding what this is all about.

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