BP mulls restructuring of trading unit over Mifid II
Oil major BP expects it will need a Mifid II licence for some trading activities, which may prompt the creation of a new entity to comply with the incoming EU rules
BP may need to push some of its trading activities into a separately capitalised entity to comply with the European Union's new Markets in Financial Instruments Directive (Mifid II), according to an official with the UK oil and gas major.
"If it works for us to have a Mifid entity and a non-Mifid entity, we'd probably do that," says Jonathan Hill, London-based regulation specialist at BP.
While BP has yet to make any final decisions, the possibility that it is exploring an overhaul of its
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