The Financial Services industry has always been subject to regulation, its stringency dependent on the prevailing political winds and the degree of trust in the industry held by both politicians and the public. However, the financial crisis of 2007/08 and consequent recession inevitably resulted in a dramatic reshaping of the regulatory landscape.
As part of its efforts to shore-up financial services regulation, the European Union made significant revisions to an extensive pre-crisis piece of legislation called Markets in Financial Instruments Directive (MiFID), governing the transparency of trades.
Its successor, MiFID II, which comes into effect from January 2018, has significant ramifications for financial services. The landmark regulation has a broad sweeping scope, encompassing everything from research to more complex topics like over-the-counter derivatives. With such a wide range of services covered in MiFID II, there are inevitably changes that may not receive due attention. One such change is the increased requirement to record meetings.
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