Designation of Sites of Community Importance (SCIs) and Special Protection Areas (SPAs)

Fotios Papoulias

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Question 1 of 3

Question 1: The one-off compliance costs associated with MiFID II are staggering. In comparison to that, the long term compliance costs of the legislation are almost negligible.

True.

False, the long-term compliance costs exceed the one-off ones.

The one-off costs are huge but the ongoing costs associated with the new regime are substantial and should not be underestimated.

Question 2 of 3

Question 2: Is MiFID II likely to level the playing field?

While it will contribute to reducing regulatory heterogeneity within Europe, MiFID II will not eliminate barriers to entry, particularly for smaller firms.

Yes, it is envisioned that this will be one of the benefits of the new regime.

Only if this is combined with more innovation in financial technologies.

Question 3 of 3

Question 3: The costs of MiFID II are largely born by investment banks:

No, investment banks are outside the remit of MiFID II.

While these banks will be heavily impacted, they will pass the costs on to end-users.

Investment banks can opt out the remit of MiFID II.