The revised Markets in Financial Instruments Directive and Regulation (the MiFID II regime)See Directive 2014/65/EU (MiFID II) and Regulation (EU) 600/2014 (MiFIR). is one of the most comprehensive reforms of market structural and investor protection regimes the world has yet seen. The MiFID II regime will affect the European – and likely the global – market structure for years to come. Based on relevant perspectives from the revised best execution regime under MiFID II, this article suggest that it is time to reduce complexity. It is argued that unless a sufficient degree of horizontal and vertical integration of the best execution regulation takes place, the policy objectives cannot be reached. Further, it is argued that the significant data exercise that comes with the new rules only serves end-investors if a sufficient level of data consistency can be achieved. From this outset, the article emphasises the increased importance of data in today’s EU financial regulation. The article includes relevant comparisons to the equivalent US rules on best execution.

中文翻译：

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是时候降低数据驱动的监管议程的复杂性了——对 MiFID II 最佳执行机制的看法

修订后的金融工具市场指令和监管（MiFID II 制度）请参阅指令 2014/65/EU (MiFID II) 和法规 (EU) 600/2014 (MiFIR)。是世界上迄今为止最全面的市场结构和投资者保护制度改革之一。MiFID II 制度将在未来几年影响欧洲——甚至可能是全球——市场结构。基于 MiFID II 下修订后的最佳执行机制的相关观点，本文认为是时候降低复杂性了。有人认为，除非最佳执行监管有足够程度的横向和纵向整合，否则无法实现政策目标。此外，有人认为，新规则附带的重要数据操作只有在能够实现足够水平的数据一致性的情况下才能为最终投资者服务。从一开始，文章就强调了数据在当今欧盟金融监管中的重要性。