Brexit preparations block Mifid third-country guidance

EU authorities see keeping rules vague as a way to maximise leverage in negotiations with UK

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Maintaining a strong hand for the EU27 member states in the Brexit negotiations with the UK is now taking priority over providing guidance for third countries on a key piece of European financial regulation, Risk.net has learned. The possible impact on non-European jurisdictions is one of the major remaining questions around the advent of the second Markets in Financial Instruments Directive (Mifid II) in January 2018. Three sources have given similar accounts to Risk.net of the European Com