Latham & Watkins demystifies the process for onshoring the MiFID II regime, and outlines the key changes for firms operating in the UK.

Key Points:

..The onshoring process is designed to preserve the status quo as much as possible, and only permits changes to be made to legislation and regulation when a “deficiency” arises.

..While some deficiencies are straightforward to resolve, some result in “inoperabilities” in retained legislation, and so the government and the regulators must choose a path forward, resulting in potentially significant changes for firms.

..Certain consequential changes may also have an important practical impact.