German Banks Are Plotting a Counter-Attack Against MiFID II
- Lengthy disclosure requirements are turning clients off
- Some bankers can’t wait for a scheduled review of the rules
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German banks aren’t taking Europe’s biggest regulatory overhaul in a decade lying down.
The country’s bankers are plotting to water down the MiFID II regulations that are increasing costs and eating into what are already the lowest profit levels in northern Europe. They’re in early talks to coordinate efforts to lobby both local watchdog BaFin and the European Securities and Markets Authority, according to people familiar with the matter, who asked not to be identified before the process starts.