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MiFID II 

Liability 

01 December 2011

Impact Green traffic light

No impact - These proposals appear to have been dropped for now.

Other areas to consider

Sanctions, Suitability and Appropriateness, Reporting requirements, Client order handling, Best execution

Current MiFID rules

No current MiFID rules dealing with the liability of firms toward clients in cases where infringement of MiFID rules causes damage.

FSA rules

s150 Financial Services and Markets Act 2000

Proposed changes

In response to complaints from investors that firms breached conduct of business obligations and caused loss, the Commission’s December 2010 consultation proposed introducing a principle of civil liability to enable clients to claim damages against firms breaching MiFID rules.

This has not been carried in the draft Directive and Regulation.

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