MiFID 2: implications for BVI, Cayman Islands, Guernsey and Jersey (and other third country) firms
- the European Commission has determined that the firm’s country has a relevant legal
- the firm applies to and is registered by the European Securities and Markets Authority (ESMA) as a permitted third country firm.
- the firm is authorised to provide the relevant investment services or activities in the jurisdiction of its head office
- co-operation arrangements exist with the relevant third country.
- establish a branch in that state
- be authorised by that member state’s competent authority in accordance MiFID 2
- the third country firm is appropriately authorised in its home country (eg. Guernsey)
- co-operation arrangements are in place between the EU member state and the firm’s country
- the firm has adequate regulatory capital
- the firm’s senior management systems and controls are sufficient
- the firm belongs to an EU authorised or recognised investor compensation scheme.
Published October 9, 2014
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