The Financial Markets Law Committee (FMLC) has published a letter that it has sent to the European Commission containing comments on foreign exchange (FX) financial instruments and the Markets in Financial Instruments Directive. The central point of debate is what constitutes an FX financial instrument and what does not and where those boundaries lie in reality. Although the FMLC welcomes the concept of harmonisation in terms of such definitions, it still questions the future issue of legal uncertainties that may result from harmonisation.
View FMLC letter to Jonathan Faull on FX and MiFID, 16 May 2014