The long arm of European law: Mifid alarms the world

Non-European firms may have to undertake compliance projects without knowing the final rules

In just over nine months, the European Economic Area (EEA) will begin exporting its financial markets regulation to the rest of the world – or at least part of the rules. Yet, non-EEA market participants are still unclear on what parts of the regulation they will be unwittingly receiving and how. Unsurprisingly, calls for more guidance are growing increasingly insistent. The European Commission and European Securities and Markets Authority (Esma) are still in the process of finalising the ru