How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Rakhi Vasavada Your Own Question

Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4536
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now

I am in a dispute with a financial firm involving derivatives.

Customer Question

I am in a dispute with a financial firm involving derivatives. I am now told that the European Mifid regulation, that has been incorporated in the FCA’s Conduct of Business Rules(COBS) are only optional for firms and they are free to conduct business on their own terms and conditions.
I would like to know if this is true and what is the obligation for a financial firm to adhere to the Mifid regulations (as COBS) and what are my rights relating to this.
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend, Hello and welcome. Thank you for providing an opportunity to assist you.Kindly give me couple of hours and see if I can help you. I will need some time to research. I will revert back in short time.Warm Regards,
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend,
Thank you for your patience.
NO-- MiFID regulations are NOT optional. Only those firms are exempted who trade on their "OWN" account, and not other wise. On the contrary, MiFID II regulatory framework significantly narrows exemptions currently available to derivatives traders.
The following link with take you further to your desired topics if you seek further reading on this.
http://ec.europa.eu/finance/securities/isd/index_en.htm
I am sure this would help.
You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.
Warm Regards
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4536
Experience: Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
Rakhi Vasavada and other Finance Specialists are ready to help you
Customer: replied 1 year ago.
Hi I have not heard anything back from you since your direction to the european mifid website.. Your response really stated the Mifid law. My question relates to how this is applied in the UK. The FCA has added it to their Code of Business conduct rules.Now I have lost money on the trades and the firm is looking to bankrupt me to get access to all my funds. However there are a number of areas with Mifid/COBs that they have not adhered to. I would like to know how I can address this. Does this mean the contract I had with them is not valid, or how else can I benefit from the Mifid/COBs rules that have not been followed.
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend,
There is little misunderstanding here.
In my previous reply to you, I clearly stated my opinion that MiFID regulations are NOT optional.
I further stated that only those firms are exempted who trade on their "OWN" account, and not other wise. On the contrary, MiFID II regulatory framework significantly narrows exemptions currently available to derivatives traders.
The website that I gave was just an additional reference, just in case you need.
Otherwise, in response to your core question -- I am very clear on my opinion that MiFID regulations are NOT optional.
Based on this response, you can certainly follow up with a legal advice from a local attorney to take the matter in its logical direction.
I hope I have conveyed myself clearly. I apologize if any confusion was created earlier.
Warm Regards
Customer: replied 1 year ago.
Sorry. The question is how would I get a remedy. Before I started spending on legal fees I wanted to know how I would get a remedy. Do I claim a breach of contract etc. I am not sure that although there is the regulations, that I have any recourse to this
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend, Hello and welcome again. This question is little legal in nature. However, as you rightly said, before starting to spend on lawyers, you can try something from your own end. I believe the first thing you need to do is to reach out to FCA - Financial Conduct Authority. Please refer the following link for reference. https://www.fca.org.uk/about/operate/complaining-about-us Try this first and see if this helps. If not, then the only remedy would be to seek consultation from a Lawyer as whether to go for breach of contract or something else is something that the lawyer will be able to tell you best. I am sure this would help.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.Warm Regards

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W
< Previous | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
 
 
 

Meet The Experts:

 
 
 
  • Rakhi Vasavada

    Rakhi Vasavada

    Financial Advisor

    Satisfied Customers:

    1806
    Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
< Previous | Next >
  • http://ww2.justanswer.com/uploads/RA/rakhi.v/2012-7-3_14374_RakhiVasavadaL.64x64.jpeg Rakhi Vasavada's Avatar

    Rakhi Vasavada

    Financial Advisor

    Satisfied Customers:

    1806
    Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
  • http://ww2.justanswer.com/uploads/BL/blueflowers1063/2013-10-10_35834_KimHolidays1.64x64.jpg Kim D.'s Avatar

    Kim D.

    Consultant

    Satisfied Customers:

    27
    Researcher 20+yrs in small and large institutions
  • http://ww2.justanswer.com/uploads/NU/nursescare4u/2013-3-31_03429_JApic.64x64.jpg findinganswers's Avatar

    findinganswers

    Internet Researcher

    Satisfied Customers:

    22
    Internet Researcher, Nurse for over 17 years, and can find answers for you!
  • http://ww2.justanswer.com/uploads/PR/ProMBA/2012-6-7_154051_beach.64x64.jpg ProMBA's Avatar

    ProMBA

    Internet Researcher

    Satisfied Customers:

    3
    I'm an owner of three businesses, with both undergraduate and graduate business degrees from top tier universities.
 
 
 

Related Finance Questions