Banks and platforms brace for Mifir privacy reporting wrangle

Mifid II reporting could breach third-country privacy laws

Hand pulling open a blind

Dealers that managed to dodge imprisonment and millions in fines for following current European Union law are preparing for the next wave of European regulation that will put them in jeopardy of breaching national privacy laws.

The legal conundrum comes as a result of the second Markets in Financial Instruments Directive (Mifid II), which dictates that a counterparty to a trade must be identified by their passport number, among other personal details, regardless of their location.

This leaves EU

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