According to a 2016 survey conducted by the ABBL and EY with their members on the cost of regulations and its impacts on the Luxembourg financial markets, MiFID II budgets varied at the time from €2.5m to €627,000, with an average figure of €1.8m, thereby representing 16.5% of the total regulatory investments of these banks (and up to 24% in mid-size institutions have to recoup the delays accumulated vis-à-vis their larger counterparts). MiFID II is hence one of the most expensive regulatory measures considered in the survey.
Larger Belgian banks are said to have set aside between EUR 10 and EUR 30 million each to adapt to stricter European rules related to MiFID II. Some analysts even go as far as estimating total MiFID II related expenditure for European banks to reach a total of EUR 2 billion (Source De Tijd, 3 janvier 2018).
Gilles Walers, Legal Adviser at the ABBL