Beware of the EU's Mifid II unintended consequences

To say that the EU's Markets in Financial Instruments Directive II (Mifid) regime is suffering from ‘teething problems’ is an understatement. The problem is the rules as written are inherently ambiguous. No matter how carefully the documents are scrutinised – whether outside consultants are used or not – it is quite possible for different individuals within a firm to come to very different interpretations, let alone across the industry.