By Adrian Brown and Tamasin Little, King & Wood Mallesons London, United Kingdom

brown_aTamasin LittleThe provisions of MiFID II relating to the holding of client assets (including client money) reflect broadly those of MiFID I. Accordingly, the core requirements relating to the holding of client assets (such as segregation, record keeping, and restrictions on the use of client assets) remain the same. However, the outright prohibition on title transfer collateral arrangements (TTCAs) for retail clients and other areas of change have the effect of making the MiFID II regime more stringent than the current MiFID I regime, and bringing it more closely into alignment with the FCA regime under CASS.

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