Banks and platforms brace for Mifir privacy reporting wrangle
Revealing identifying information of a counterparty, including passport details and date of birth, can get EU bankers jailed in some countries – but Mifir reporting requires exactly that. Dealers and platforms say they're not sure how to proceed and lawyers are warning of the consequences
Dealers that managed to dodge imprisonment and millions in fines for following current European Union law are preparing for the next wave of European regulation that will put them in jeopardy of breaching national privacy laws.
The legal conundrum comes as a result of the second Markets in Financial Instruments Directive (Mifid II), which dictates that a counterparty to a trade must be identified by their passport number, among other personal details, regardless of their location.
This leaves EU
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