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Hedge funds' MiFID defection highlights limit of EU rule revamp

Decision by two big fund managers to drop MiFID licences is keenly watched in Europe

The headquarters of Brevan Howard Asset Management. The company says it is swapping licences because it is setting up a fund managed solely from London, necessitating registration as an alternative investment fund manager, according to a person with knowledge of the firm's decision.


EUROPE'S MiFID II rules haven't even kicked in, yet policymakers are already busy trying to make sure their oversight of financial markets is up to date.

Recent decisions by two of the world's biggest hedge funds highlight the huge number of firms that may escape the full...