Polish market regulator holding line on MiFID2 on fund distribution
Poland is not likely to bend on its tightened regulatory stance for investment fund distribution, underlined the financial market regulator - KNF.
Pressed during a seminar on pension policy and capital market development that new rules on investment fund sales are strangling the industry, the deputy chief of the market regulatory body KNF for financial market oversight, Rafal Mikusinski, proved unrelenting in toeing the MiFID line.
"Let's not lose track of the goal that is the transparent sale of the proper product to an informed client", Mikusinski offered repeatedly during a panel debate.
"This is the key and it is what drives MiFID and MiFID2 that it is about assuring that the client gets the appropriate product," Mikusinski offered in one of many iterations. Distribution formats can't "distort" that process.
Introduction of MiFID2 mandates a notable reduction in fees for distributors of investment fund units, a move said to favor asset managers owned by banks and with the ensuing captive clientele over independently owned asset managers reliant on third party distribution.