Mark Hoban spoke to the Association of Financial Markets in Europe on regulatory reform. He said the Government will consult on its further proposals for reform during February and welcomed the appointment of Martin Wheatley as chair of the Consumer Protection and Markets Authority. He then turned to the agenda for the MiFID Review and praised what MiFID has achieved so far. He looked at tests for new legislation, which should focus on the need for change and the benefits change will bring. He stressed the importance of understanding the difference between predominantly national retail markets and genuinely global wholesale ones. He said we must learn from the experience of the Alternative Investment Fund Managers Directive (AIFMD), which failed to appreciate how markets work, and that the Commission should work closely with all interested parties to ensure this does not happen again. He focused on positive signs in the proposals, but said the review could go further on retail investor protection – he said this should not ban execution-only trading but should look at misselling and intermediary remuneration. His main criticism was that the Commission is missing an opportunity to avoid regulatory arbitrage between sectors in the way it plans to deliver its plans on Packaged Retail Investment Products (PRIPs). He moved on to discuss MiFID’s proposals for the markets and queried why the Commission thinks there is a need for a new category of “organised trading facility”. Finally, he said there are many areas where the Commission needs to do more analysis before it decides what action is needed. He also spoke to a private equity seminar, when he discussed the changes the Government had forced into the AIFMD. (Source: Speeches)