This is typical.
Last week, the EU introduced “a truly spectacular piece of regulation”, says Juliet Samuel. The Markets in Financial Instruments Directive II – Mifid II for short – weighs in at 7,000 pages, has 1.4 million paragraphs, will cost billions to implement and will achieve... precisely nothing. Its aim is to prevent such abuses as insider trading, and to that end it requires trading firms to collect and store reams of data, including recordings of phone calls and emails relating to every transaction they make. “The uselessness of this exercise is quite astounding.” Unlike more targeted rules introduced recently, it simply imposes an extra burden on firms while burying regulators under an unmanageable mass of data. It represents “a shift in regulatory philosophy” from the AngloSaxon to the French model, an obsession with sniffing out abuse rather than letting markets flourish. Mifid 2, as one City lawyer put it, is like “a fire hose being pointed at a coffee cup”. Accepting it was a price worth paying for market access to Europe. But if the EU refuses to negotiate a deal allowing our financial services to retain access after Brexit, we should waste no time in ditching it.
The Daily Telegraph