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City of London grapples with new EU shake-up

rob young | BBC news | 15 January 2017

PA’s David Biggin, a financial services expert, is quoted on BBC News about MiFID II. The financial regulation from the EU will bring about a number of changes to banks including to their IT systems, documents they provide to their clients and information they give to regulators.

The article notes PA’s recent MiFID II survey which reveals that two out of five companies are not prepared enough to implement the new rules before the regulations come into force in January 2018.

David argues that MiFID II could allow financial companies from outside the EU to do business inside it: "Potentially this could be a way through the mire," says David.

He goes on to say: "For a lot of the companies talking about relocating, actually this rule might allow some light at the end of the tunnel. It's a technocratic decision rather than a political decision. It is a way forward." 

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