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EU finance package MIFID II to change global business 

October 26, 2015

Andrew Jay Rosenbaum, News Fulton County,

An upcoming EU finance package known as MIFID II is set to radically change the way financial services companies do business around the world.

The EU’s Markets in Financial Services II (MIFID II) directive, a package of legislation with more than 100 provisions, is close to its final shape since the European Securities and Markets Authority (ESMA) published a third draft of the package on Sept. 28.

When the directive is approved, it “will have significant and wide-ranging implications for the operations, conduct and governance” of financial services firms, consultancy Deloitte said Friday in note on its website.

Regulators in the bloc’s 28 member states are already preparing for its implementation. However, MIFID II will not just be a game changer for European banks, brokerages, asset managers, and investment funds. Countries like Turkey, which must harmonize legislation with EU, must prepare for the changes as well.

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