I’m not sure what I was expecting, but it wasn’t 4,200 and change. That’s the number of responses the European Commission said it received to its public consultation on the MiFID review ("MiFID II"). All submitted within 60 working days, with the Christmas holiday period thrown in for good measure.
The size of this response should leave nobody in any doubt about the importance of MiFID II and highlights the level of interest… and concern.
I wonder what the European Commission was expecting, to what extent it is set up to handle this level of input. To wit: how will responses be sorted and sifted, how will they weigh the pros and cons? It’s an awful lot of paperwork to get through and many of the opinions conflict.
How great a part does the size of the submitting company, the level of business, the participant’s function in the market and the strength of the lobbying effort play in commissioners’ review?
Even if it turns out that 4,200 number is not quite right, that the true number of legitimate comments are more along the lines of 500, 600 or 700, these questions remain valid and the EC is still facing a big, big task.
Every response matters irrespective of the size of the company. There is a huge breadth of respondents in terms of market function, sector and geography, reflecting the extension of MiFID rules beyond equities and their impact beyond Europe.