Hot topics: MiFID II

The MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) will repeal and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). They will come into effect on 3 January 2017.

Together, the new regulations will form the legal framework governing the requirements applicable to investment firms, trading venues, data reporting service providers and third-country firms providing investment services or activities in the EU.

This note outlines at a high level, the MiFID II legislation. It also tracks developments in this area, and sets out the milestones for future development. It includes a key primary source material table, which contains links to key primary source material and related Practical Law Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties.

Contents

Scope of this note

The Markets in Financial Instruments Directive (2004/39/EC) (framework Directive), its implementing Directive (2006/73/EC) and implementing Regulation (EC/1287/2006) (together referred to in this note as MiFID) came into force on 1 November 2007.

This note tracks at a high level the European Commission's legislative proposals to amend MiFID (the MiFID II legislative proposals) and the resulting MiFID II legislation. The MiFID II legislation takes the form of:

  • A Directive on markets in financial instruments repealing Directive 2004/39/EC (2014/65/EU) (the MiFID II Directive). The MiFID II Directive partly recasts the MiFID framework directive.

  • A Regulation on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories (Regulation 600/2014) (MiFIR). MiFIR partly replaces the MiFID framework directive.

For information on the current status of the MiFID II and most recent texts of the MiFID II Directive and MiFIR, see What is the current status of MiFID II Directive and MiFIR? below.

Links to key primary source material, including related Practical Law Financial Services legal updates, can be found in Key primary source material below.

 

What is the current status of MiFID II Directive and MiFIR?

The text of the MiFID II Directive and the text of MiFIR were published in the Official Journal of the EU (OJ) on 12 June 2014, and came into force on 2 July 2014.

Member states must adopt and publish by 3 July 2016 the measures transposing the MiFID II Directive into national law, and must apply those provisions from 3 January 2017. The only exceptions relate to the provisions transposing Article 65(2) (which will apply from 3 September 2018) and the measures referred to in Article 92 (which will apply from 3 July 2015). MiFIR will apply from 3 January 2017, with the exception of certain provisions detailed in Article 55 (which applied immediately on MiFIR's entry into force) and Article 37(1), (2) and (3) (which will apply from 3 January 2019).

Work is well under way formulating Level 2 measures under MiFID II. ESMA has published a discussion paper on MiFID II technical standards, together with a consultation paper to enable it to produce technical advice to the European Commission (see Level 2 measures below).

 

Timeline: What next?

Date

Event

Late 2014

ESMA expected to publish a second consultation paper on Level 2 measures.

December 2014

ESMA final technical advice for delegated acts.

June 2015

ESMA to submit to the Commission final regulatory technical standards (RTS).

December 2015

ESMA to submit to the Commission final implementing technical standards (ITS).

June 2016

Date by which the delegated acts under Level 2 must be transposed by member states (24 months after MiFID II enters into force).

3 July 2016

Member states to adopt and publish measures transposing the MiIFD II Directive into national law.

3 January 2017

MiFID II Directive and MiFIR to apply (subject to a small number of excepted Articles).

 

Summary of key changes

The key changes to MiFID include:

  • Organised trading facilities. Creation of a new type of trading venue within the regulatory framework: the organised trading facility (OTF). OTFs are multilateral discretionary trading platforms that are not currently regulated, but have an increasingly important role (for example, in the trading of standardised derivatives contracts). The definition of OTF captures all forms of organised trading that do not match existing categories.

  • High frequency algorithmic trading. New safeguards for high frequency algorithmic trading activities. Firms engaging in this trading must be authorised and high frequency traders must be properly supervised. Requirements to strengthen systems and controls relating to risks associated with high frequency trading and systems to ensure that algorithmic trading systems cannot create disorderly trading systems.

  • New requirements for trading venues. New obligations for trading venues (regulated markets (RMs), multilateral trading facilities (MTFs) and OTFs), including systems and controls, circuit breakers and rules relating to minimum tick size (that is, the smallest increment by which the price of a financial instrument can move). Trading venues will be required to publish annual data on execution quality.

  • Systematic internalisers (SIs). Wider definition of SI. Stricter provisions relating to obligations to publish firm quotes.

  • Equity market transparency. OFTs will be subjected to the same transparency rules as other trading venues, to improve trading transparency in equity markets. Transparency requirements extended to "equity-like" transactions.

  • Non-equity market transparency. Introduction of a new trading transparency regime for non-equity markets (that is bonds, structured finance products, derivatives and emissions allowances). The exact transparency regime will be tailored to the instrument in question.

  • Transaction reporting. Extension of the scope of the transaction reporting requirements to all financial instruments to ensure that the MiFID requirements mirror those of the Market Abuse Directive (2003/6/EC) (MAD). Double reporting of the same information under MiFIR and EMIR (the Regulation on OTC derivatives, central counterparties and trade repositories (Regulation 648/2012)) will be avoided (and EMIR will be amended to that effect).

  • Consolidation of market data. Introduction of a consolidated tape for trade data to ensure data quality and consistency. Investment firms will be required to submit post-trade data to Authorised Reporting Mechanisms (ARMs), who will report the details of transaction to regulators on behalf of investment firms to ensure the data is published in a way that facilitates its consolidation with data published by trading venues.

  • Reinforced supervisory powers. These include the ability of supervisors to ban specific products, services or practices where there are threats to investor protection, financial stability or the orderly functioning of markets.

  • Sanctions. Introduction of minimum rules to ensure that member states apply appropriate administrative sanctions and measures to breaches of MiFID.

  • Commodity derivatives markets. Reporting obligations relating to the size and purpose of a commodity derivative contract. Regulators will be empowered to monitor and intervene at any stage in trading activity in commodity derivatives (including imposing position limits where there are concerns about disorderly markets). Existing exemptions will be narrowed for commodity firms.

  • Corporate governance. Introduction of rules on corporate governance and managers' responsibility for all firms.

  • Extension of scope. Broadening of scope of MiFID to cover financial products (such as structured deposits), services and entities not currently covered.

  • Conduct of business requirements. Enhanced conduct of business requirements will provide additional protection to investors. These include:

    • new requirements for advisors wishing to describe themselves as "independent";

    • strict restrictions on independent advisers and portfolio managers making or receiving fees, commissions or non-monetary benefits;

    • enhanced information disclosure to different categories of client (in particular, eligible counterparties) especially where complex products are involved.

    • limiting the circumstances when firms may provide execution-only services, with the effect, among others, that investment firms will need to carry out an appropriateness test when providing investment services relating to structured UCITS and products (that is, in future they cannot be sold on an execution-only basis).

  • SME markets. Provisions to facilitate access to capital for small and medium sized enterprises (SMEs) and to facilitate further development of specialist markets to cater for the needs of SME issuers (known as SME markets or growth markets).

  • Emissions allowances. Emissions allowances trading is brought within the MiFID framework.

  • Third-country firms. Introduction of a harmonised rules for authorisation and conduct of business of EU branches of third-country firms. Non-EU firms wishing to provide investment services to retail clients must do so through a branch. Such firms will be allowed direct access to eligible counterparties and professional clients, subject to ESMA registration and Commission third-country equivalence/reciprocity decision.

For information on the organisational and conduct of business requirements under the MiFID II Directive, see Practice note, MiFID II: Organisational and conduct of business requirements for investment firms (www.practicallaw.com/6-576-4387).

 

Level 2 measures

A large number of elements of the MiFID II Directive and MiFIR need to be further specified in delegated acts to be adopted by the Commission. In most cases these delegated acts should enter into application 30 months after the Directive and Regulation enter into force (that is, December 2016). The Commission has requested both ESMA and the European Banking Authority (EBA) for technical advice to assist it in making these acts.

ESMA's consultation paper on MiFID II

ESMA has published a consultation paper on MiFID II (ESMA/2014/549), which, together with its May 2014 discussion paper (see ESMA's discussion paper on MiFID II below) comprise the first step in its consultation process for implementation of MiFID II.

The paper addresses a number of key issues to enable ESMA to produce technical advice to the Commission to assist the Commission in making the delegated acts required by several provisions of the MiFID II Directive and MiFIR. ESMA is required to provide the Commission with final technical advice on delegated acts under MiFID II in December 2014.

In its consultation paper, ESMA addressed the following issues.

Investor protection

Areas consulted on include:

  • Investment advice.

  • Record-keeping.

  • Safeguarding of client assets.

  • Conflicts of interest.

  • Remuneration.

  • Information to clients.

  • Inducements.

  • Suitability and appropriateness.

  • Best execution.

  • Eligible counterparties.

Transparency

Areas consulted on include:

  • Liquid market for equity and equity-like instruments.

  • Definition of systematic internaliser (SI).

  • Transactions in several securities and orders subject to conditions other than current market price.

  • Orders considerably exceeding the norm.

  • Pre-trade transparency for SIs in non-equity instruments.

Data publication

Areas consulted on include:

  • Access to SIs' quotes.

  • Publication of unexecuted client limit orders on shares traded on a venue.

  • Reasonable commercial basis (RCB).

Micro-structural issues

Areas consulted on include:

  • Algorithmic and high frequency trading (HFT).

  • Direct electronic access (DEA).

Requirements relating to trading venues

Areas consulted on include:

  • Small and medium sized enterprise (SME) growth markets.

  • Suspension and removal of financial instruments from trading.

  • Information requirements.

  • Requirement to inform about conduct that may indicate abusive behaviour.

Commodity derivatives

Areas consulted on include:

  • Definition.

  • Position reporting thresholds.

  • ESMA's position management powers.

Portfolio compression

In August 2014, ESMA published a list of responses it received to the consultation paper (see Legal update, Responses to ESMA consultation and discussion papers on MiFID II (www.practicallaw.com/2-577-2445)).

ESMA's discussion paper on MiFID II

ESMA has also published a discussion paper (ESMA/2014/548).

The MiFID II Directive and MiFIR require ESMA to develop draft regulatory technical standards (RTS) and implementing technical standards (ITS) in several areas for submission to the Commission by 12 months and 18 months (respectively) from entry into force of the Directive and Regulation. The discussion paper seeks views on some more innovative or technically complex elements of these draft RTS and ITS. ESMA will prepare a consultation paper that will contain draft technical standards for submission to the Commission on the basis of responses it receives to the discussion paper.

The issues ESMA selected for discussion are set out below.

Investor protection

Areas discussed include:

  • Authorisation of investment firms.

  • Passporting.

  • Best execution.

Transparency

Areas discussed include:

  • Pre- and post-trade transparency.

  • SI regime.

  • Liquid market definition.

Micro-structural issues

Areas discussed include:

  • Algorithmic trading.

  • Organisational requirements for trading venues.

  • Market making.

  • Co-location.

  • Tick sizes.

Data publication and access

Areas discussed include:

  • Data reporting services.

  • Consolidated tape providers.

  • Access to central counterparties (CCPs) and trading venues.

Requirements applying to trading venues

Areas discussed include:

  • Admission to trading.

  • Suspension and removal of financial instruments from trading.

Commodity derivatives

Areas discussed include:

  • Ancillary activity.

  • Position limits and position reporting.

Market data reporting

Areas discussed include:

  • Obligation to report transactions.

  • Obligation to supply financial instrument reference data.

  • Maintaining records.

Post-trading issues

Areas discussed include:

  • Obligation to clear derivatives traded on regulated markets.

  • Indirect clearing arrangements.

In August 2014, ESMA published a list of responses it received to the discussion paper (see Legal update, Responses to ESMA consultation and discussion papers on MiFID II (www.practicallaw.com/2-577-2445)).

EBA consultation on criteria for intervention on structured deposits

In August 2014, the EBA published a consultation paper containing draft technical advice on possible delegated acts on criteria and factors for intervention powers concerning structured deposits under Articles 41 and 42 of MiFIR.

Under MiFIR, the EBA is tasked with monitoring the market for structured deposits across the EU. Under certain specific circumstances, the EBA can also temporarily prohibit or restrict the marketing, distribution or sale of certain structured deposits. In June 2014, the Commission requested the EBA to provide technical advice on the criteria and factors to be taken into account when exercising these powers.

The EBA is basing its work on criteria already identified by ESMA (contained in section 2.24 of its May 2014 consultation paper ) (see ESMA's consultation paper on MiFID II above).

 

MIFID II Directive and MIFIR legislative process

MiFID II: European Commission's legislative proposals

The Commission published legislative proposals to amend the Markets in Financial Instruments Directive (2004/39/EC) on 20 October 2011. The proposals consisted of:

  • A Directive on markets in financial instruments repealing Directive 2004/39/EC (the MiFID II Directive). The MiFID II Directive partly recasts the MiFID framework directive.

  • A Regulation on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories (MiFIR). MiFIR partly replaces the MiFID framework directive.

The Commission's use of a directive and a regulation to give effect to its proposals reflects the need to achieve a uniform set of rules in some areas (covered by the Regulation), while allowing for differences in national markets, legal structures and investor profiles in other areas (covered by the Directive).

The MiFID II proposals were intended to:

  • Make financial markets more efficient and resilient.

  • Take account of technological developments since MiFID was implemented in November 2007.

  • Increase transparency of both equity and non-equity markets.

  • Reinforce supervisory powers and introduce a stricter framework for commodity derivatives markets.

  • Strengthen investor protection.

For a more detailed outline of the legislative proposals, see Practice note, MiFID II: legislative proposals (www.practicallaw.com/0-509-5291). Further practical comment on the proposals can be found in Articles, MiFID II review (Part 1): Changes proposed in relation to investor protection and the provision of investment services (www.practicallaw.com/2-509-9108) and MiFID II review (Part 2): Changes proposed in relation to markets (www.practicallaw.com/7-510-2293).

Reaction to legislative proposals

For details of the responses of the UK government and regulatory authorities to the MiFID II legislative proposals, see UK response to MiFID II legislative proposals below.

For links to the published reaction of trade bodies and other stakeholders, including UK government and regulatory authorities, to the MiFID II legislative proposals, see Practice note, Consultation responses: MiFID II and MiFID review: Responses to MiFID II legislative proposals (www.practicallaw.com/9-517-2322).

For details of the European Parliament's response to the proposals, see European Parliament consideration of MiFID II below.

The procedure for adopting MiFID II Directive and MiFIR

The MiFID II Directive and MiFIR were subject to the ordinary legislative procedure (formally the co-decision procedure). For information on the legislative procedure for European legislation, including a flowchart showing the process, see Practice note, The European Union after the Treaty of Lisbon: Ordinary legislative procedure (formerly co-decision procedure) (www.practicallaw.com/2-381-1190). As for the Level 2 procedure, for an overview of the use of RTS and ITS in delegated EU financial services legislation, see Practice note, EU financial services technical standards and guidance (www.practicallaw.com/5-557-0605).

Council compromise proposals on MiFID II

During 2012 and 2013, the Presidency of the Council of the European Union published a number of compromise proposals on the legislative proposals. These are set out in the table below.

Date

Development

10 June 2013

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

4 June 2013

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

21 May 2013

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

15 April 2013

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

8 April 2013

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

21 March 2013

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

1 March 2013

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

13 February 2013

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

4 February 2013

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

3 December 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

20 November 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

12 November 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

7 November 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

5 November 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

22 October 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

9 October 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

28 September 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

19 September 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

31 August 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR. On 11 September 2012, ISDA published commentary on the compromise proposals.

20 June 2012

Compromise proposal on MiFID II Directive. Compromise proposal on MiFIR.

In February 2014, the Council announced that the Permanent Committee of Representatives (COREPER) had approved the final compromise texts on the MiFID II legislative proposals (see Legal update, COREPER agreement on MiFID II compromise texts (www.practicallaw.com/1-558-1922)).

European Parliament consideration of MiFID II

October 2012: Parliament adopted amendments to MiFID II legislative proposals in plenary session

At plenary session in October 2012, the Parliament adopted amendments to the MiFID II legislative proposals that had been proposed by its Economic and Monetary Affairs Committee (ECON) (see September 2012: ECON adopts draft paper on MiFID II legislative proposals below). The Parliament adopted the following amended texts:

September 2012: ECON adopted draft paper on MiFID II legislative proposals

ECON unanimously adopted reports on the MiFID II Directive and MiFIR in September 2012. The reports contained draft legislative resolutions for the Parliament with proposed amendments to the MiFID II Directive and MiFIR legislative proposals.

ECON Rapporteur position on MiFID II

The reports adopted by ECON in September 2012 (see September 2012: ECON adopts draft paper on MiFID II legislative proposals above) were informed by a consultation by Markus Ferber, European Parliament rapporteur on MiFID II, which covered certain aspects of the Commission's proposals to inform the work of ECON on the MiFID II legislative proposals. The consultation took the form of a questionnaire which included questions on scope, corporate governance, organisation of markets and trading, investor protection, transparency, and horizontal issues.

For links to responses to the questionnaire, see Consultation responses tracker: European Parliament rapporteur consultation on MiFID II (www.practicallaw.com/9-517-2322).

Following the consultation, ECON published (in March 2012) a draft report each on MiFIR and the MiFID II Directive, which included a draft European Parliament legislative resolution setting out proposed amendments to the legislative proposals.

Key concerns set out by the rapporteur in the draft ECON report on MiFIR included:

  • Scope: organised trading facilities (OTFs). The OTF category should be limited to non-equities. "Bilateral" and "multilateral" systems should be more clearly defined to distinguish between the two types of trading and to ensure that market participants are subject to proper rules. The rapporteur expresses regret at the introduction of OTFs as a new category of trading.

  • Access to market infrastructure. For financial instruments other than transferable securities and money market instruments, a central counterparty (CCP) should only be allowed access to a trading venue if access would not require interoperability, or threaten the smooth and orderly functioning of markets (in particular due to liquidity fragmentation) and the trading venue has put in place adequate mechanisms to prevent fragmentation.

  • Bans or restrictions on financial products, practices and services. The European Securities and Markets Authority (ESMA) or competent authorities should be required to monitor investment products, including structured deposits, as well as financial instruments. The same bodies should also be able to impose restrictions or bans on a precautionary basis before an investment product or financial instrument is placed on the market. Firms should be allowed to make changes to those instruments or products within a certain time limit. The rapporteur explains that these amendments stem from a concern that a power to ban or restrict products only ex-post will not be sufficient to ensure market stability or investor protection.

Key concerns set out by the rapporteur in the draft ECON report on the MiFID II Directive included:

  • Exemptions. There should be a reporting obligation for persons to explain why their activity is ancillary to their main business.

  • Independent investment advice. Clients should be informed before investment advice is given if there have been third party payments (that is, commission payments) and if the advice is given on a limited number of investments. The rapporteur states that he "is not in favour of the proposed new obligation to specify whether the investment advice is independent and if it is based on a broad or a more restricted analysis of the market as restricting the use of the word "independent" may mean that other forms of advice have a negative connotation". If the amendment were to be accepted, this would impact on the UK's position regarding the ban on commission under the retail distribution review (RDR) (see Practice note, RDR: overview (www.practicallaw.com/9-386-5655)).

  • High frequency trading (HFT). Definitions of HFT and a HFT strategy should identify a subset of algorithmic trading, and there should be a ban on direct electronic access.

Following publication of the draft ECON reports, stakeholders and other interested parties tabled amendments that were published in May 2012. Links to the published amendments can be found in the Key primary source material below.

ECON adopted the draft reports in September 2012 (see September 2012: ECON adopts draft paper on MiFID II legislative proposals above).

Own initiative report on MiFID (December 2010)

In December 2010, the European Parliament approved a resolution about the European Commission's reform of MiFID. According to the related press release, the purpose of the resolution was to ensure that both standard and non-standard trading venues are supervised in a transparent way, with all venue users having access to similar information on the price formation process. The resolution was intended to influence the wider debate about reforming MiFID. The Parliament rapporteur, Kay Swinburne, published a report dated 16 November 2010 on the regulation of trading in financial instruments which included the provisional text of the resolution.

 

UK response to MiFID II legislative proposals

House of Lords EU Select Committee report on MiFID II proposals (July 2012)

In July 2012, Sub-Committee A of the House of Lords EU Select Committee published a report on its inquiry on the Commission's legislative proposals.

The committee's conclusions included:

  • The proposals on third country access are ill-conceived. There is a risk that, if introduced, the provisions could lock third country firms out of the EU markets, which would have an extremely damaging effect on European financial markets, including the City of London.

  • While the committee understands the need for greater transparency, a "one-size-fits-all" approach to pre-trade transparency must be avoided. It is important to acknowledge the markedly different characteristics of each sector of the market, in particular in terms of their liquidity.

  • There is considerable uncertainty about the implications of the proposals for a new category of organised trading facility, and the proposal to increase regulation of algorithmic and high-frequency trading. The proposals on investor protection and corporate governance are also flawed.

  • The MiFID II proposals have been rushed, and risk creating confusion rather than providing clarity on the regulatory framework for investment. The committee urge the government to liaise with the European Parliament in its consideration of the proposals.

Government response to House of Lords EU Select Committee report on MiFID II proposals

The government published its response to the House of Lords' report on the MiFID II proposals in November 2012. The response included the following points:

  • The government accepts the rationale for introducing the OTF category as a necessary part of the new market structure, but agrees with the Committee that the restriction on using proprietary capital is problematic. It believes that a rigorous conflicts of interest requirement would better address concerns about operator neutrality.

  • A one-size-fits-all approach to pre-trade transparency must be avoided, and there should be flexibility in the approach.

  • Systematic internalisers continue to have a role to play.

  • The government supports robust risk controls being put in place by firms involved in automated trading. The response states that the government has taken into account the interim findings of the BIS report on the future of computer trading in financial markets.

  • The European Commission's proposal to restrict the inducements ban to independent advisers is not the right way to improve investor protection across the EU.

 

Related EU and international developments

Developments in the following areas are relevant to MiFID II:

The link between the developments listed above and the MiFID II legislative proposals is described in Practice note, MiFID II: legislative proposals: Related EU and international developments (www.practicallaw.com/0-509-5291).

 

Key primary source material

The table below contains links to the key primary source material relating to MiFID II and, where available, related Practical Law Financial Services Legal updates.

Primary source material

Related Practical Law Financial Services Legal updates

September 2014

ESMA securities and markets stakeholder group: advice on ESMA's draft RTS on MiFID II Directive:

MiFID II advice of ESMA's securities and markets stakeholder group (www.practicallaw.com/7-580-1445)

August 2014

CLLS: Response to ESMA consultation paper

CLLS responds to ESMA consultation paper on MIFID II (www.practicallaw.com/7-578-6647)

ESMA:

Responses to ESMA consultation and discussion papers on MiFID II (www.practicallaw.com/2-577-2445)

EBA: Consultation on draft technical advice on possible delegated acts on criteria and factors for intervention powers concerning structured deposits under MiFIR

EBA consults on criteria for intervention on structured deposits under MiFIR (www.practicallaw.com/4-577-1807)

June 2014

FCA: Presentation slides on ESMA's market data reporting proposals under MiFID II

-

Texts of MiFID II Directive and MiFIR published in the OJ.

MiFID II published in OJ (www.practicallaw.com/1-571-0274)

May 2014

ESMA:

ESMA publishes consultation and discussion papers on MIFID II (www.practicallaw.com/6-568-9005)

Council of the EU: Press release announcing adoption of MiFID II.

Council of EU adopts MiFID II (www.practicallaw.com/5-567-9243)

Council of EU:

Council of EU publishes text of MiFID II (www.practicallaw.com/7-566-7588)

April 2014

European Commission: Request to ESMA for technical advice on delegated acts and implementing acts relating to the MiFID II Directive and the Markets in Financial Instruments Regulation (MiFIR).

European Commission request for ESMA technical advice on MiFID II (www.practicallaw.com/2-566-1744)

Council of EU information note on the European Parliament's first reading of MiFIR

Council of the EU note on outcome of European Parliament's first reading of MiFIR (www.practicallaw.com/1-565-9845)

European Parliament:

European Parliament approves MiFID II and publishes provisional versions of adopted legislative resolutions (www.practicallaw.com/7-565-1846)

ECON: Amendments to

ECON amendments to text of MiFID II (www.practicallaw.com/9-565-0266)

February 2014

ESMA: Speech on MiFID II implementation

ESMA speech on MiFID II implementation issues (www.practicallaw.com/8-558-8185)

Council of EU: COREPER agreement on MiFID II

COREPER agreement on MiFID II compromise texts (www.practicallaw.com/1-558-1922)

Council of EU: Texts for

Council of EU publishes text for MiFID II legislative proposals and invites COREPER to approve final compromise text (www.practicallaw.com/6-558-0345)

January 2014

Trialogue agreement on MiFID II:

Trialogue agreement on MiFID II (www.practicallaw.com/3-554-4028)

October 2013

FMLC: Letter expressing concerns about proposed rules on algorithmic and high frequency trading under MiFID II and MAR

FMLC highlights concerns relating to algorithmic and high-frequency trading under MiFID II and MAR (www.practicallaw.com/2-547-0546)

June 2013

Council of the EU: Press release relating to general approach

ECOFIN agrees general approach on MiFID II but fails to reach agreement on RRD (www.practicallaw.com/8-532-4284)

Council of the EU:

Council of the EU publishes MiFID II proposed general approach (www.practicallaw.com/7-532-3497)

European Parliament:

Council compromise proposals on MiFID II dated 10 June 2013 (www.practicallaw.com/8-531-6769)

European Parliament:

Council compromise proposals on MiFID II dated 4 June 2013 (www.practicallaw.com/4-531-4588)

May 2013

European Parliament:

Council compromise proposals on MiFID II dated 21 May 2013 (www.practicallaw.com/4-529-9286)

Council of EU: Note on state of play on MiFID II

Council of EU note on state of play on MiFID II (www.practicallaw.com/8-528-3066)

April 2013

European Parliament:

Council compromise proposals on MiFID II dated 15 April 2013 (www.practicallaw.com/7-525-7987)

European Parliament:

Council compromise proposal on MiFID II Directive dated 8 April 2013 (www.practicallaw.com/2-525-6589)

March 2013

European Parliament:

Council compromise proposals on MiFID II dated 21 March 2013 (www.practicallaw.com/2-525-3741)

European Parliament:

Council compromise proposals on MiFID II dated 1 March 2013

February 2013

European Parliament:

Council compromise proposals on MiFID II dated 13 February 2013 (www.practicallaw.com/3-524-1899)

European Parliament:

Council compromise proposals on MiFID II dated 4 February 2013 (www.practicallaw.com/5-523-9744)

January 2013

Irish Presidency of the Council of the EU: press release

Irish Presidency of the Council of the European Union outlines key financial services priorities (www.practicallaw.com/0-523-4697)

December 2012

European Commission letter to the House of Lords EU Select Committee responding to the report of Sub-Committee A of the Select Committee on the MiFID II legislative proposals.

European Commission response to House of Lords EU Select Committee report indicates mid-2014 implementation date for MiFID II (www.practicallaw.com/4-523-6208)

Presidency of the Council of the European Union progress report on the MiFID II legislative proposals.

Council of EU Presidency progress report on MiFID II dated 13 December 2012 (www.practicallaw.com/9-523-1982)

November 2012

Presidency of the Council of the European Union compromise proposals on:

Council compromise proposals on MiFID II dated 20 November 2012 (www.practicallaw.com/1-522-5541)

Government response to House of Lords EU Select Committee report on MiFID II

Government response to Sub-Committee of House of Lords EU Select Committee report on MiFID II proposals (www.practicallaw.com/5-522-3936)

Presidency of the Council of the European Union note on status of negotiations within the Council

Council compromise proposals on MiFID II dated 12 November 2012 and note on progress of Council negotiations (www.practicallaw.com/8-522-4029)

Presidency of the Council of the European Union compromise proposals on:

Council compromise proposals on MiFID II dated 12 November 2012 and note on progress of Council negotiations (www.practicallaw.com/8-522-4029)

Presidency of the Council of the European Union compromise proposals on:

Council compromise proposals on MiFID II dated 7 November 2012 (www.practicallaw.com/4-522-3282)

Presidency of the Council of the European Union compromise proposals on:

Council compromise proposals on MiFID II dated 5 November 2012 (www.practicallaw.com/2-522-2759)

October 2012

BIS: The future of computer trading in financial markets

BIS report on the future of computer trading in financial markets (www.practicallaw.com/6-522-0174)

Presidency of the Council of the European Union compromise proposals on:

Council compromise proposals on MiFID II dated 22 October 2012 (www.practicallaw.com/7-522-0220)

ISDA Commentary on understanding the role of the MiFID2/MiFIR ‘OTC’ category

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Presidency of the Council of the European Union compromise proposals on:

Council compromise proposals on MiFID II dated 9 October 2012 (www.practicallaw.com/4-521-7889)

September 2012

Presidency of the Council of the European Union compromise proposals on:

Council compromise proposals on MiFID II dated 28 September 2012 (www.practicallaw.com/0-521-6429)

ECON: Adopts MiFID II draft paper

ECON adopts draft paper on MiFID II legislative proposals (www.practicallaw.com/9-521-5840)

Presidency of the Council of the European Union compromise proposals on:

Council compromise proposals on MiFID II dated 19 September 2012 (www.practicallaw.com/6-521-4719)

ISDA Commentary on August Presidency Compromise texts on MiFID II/MiFIR

Council compromise proposal on MiFID II Directive dated 31 August 2012 (www.practicallaw.com/8-521-2007)

Council compromise proposal on MiFIR dated 31 August 2012 (www.practicallaw.com/2-521-2208)

August 2012

Presidency of the Council of the European Union compromise proposals on:

Council compromise proposal on MiFID II Directive dated 31 August 2012 (www.practicallaw.com/8-521-2007)

July 2012

Sub-Committee of House of Lords EU Select Committee report on MiFID II proposals

Sub-Committee of House of Lords EU Select Committee report on MiFID II proposals (www.practicallaw.com/9-520-3007)

ISDA Commentary on Presidency Compromise Texts on MiFID II/MiFIR

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June 2012

Presidency of the Council of the European Union compromise proposals on:

Council compromise proposals on MiFID II dated 20 June 2012

European Parliament: Draft Opinions on

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May 2012

FMLC paper on European Commission's review of the Markets in Financial Instruments Directive (www.practicallaw.com/4-519-7315)

FMLC highlights legal uncertainties arising from MiFID II (www.practicallaw.com/5-519-7249)

UK Parliament: Treasury Committee, House of Lord's EU sub-committee

Sub-Committee of House of Lords EU Select Committee announces inquiry on MiFID II proposals (www.practicallaw.com/4-519-6504)

EESC: opinion on MiFID II Directive

EESC opinion on MiFID II Directive (www.practicallaw.com/1-519-2159)

April 2012

European Parliament: draft opinions of the Committee on Industry, Research and Energy relating to the MiFID II proposals:

European Parliament publishes draft committee reports on MiFID II proposals  (www.practicallaw.com/1-518-8280)

March 2012

ECON: draft report on proposed MiFIR

Draft ECON report on MiFIR (www.practicallaw.com/0-518-7380)

ECB: Opinion on MiFID and MAD legislative proposals

ECB opinion on MiFID II and MAD II legislative proposals (www.practicallaw.com/6-518-6981)

ECON: draft report on proposed MiFID II Directive

Draft ECON report on MiFID II Directive (www.practicallaw.com/8-518-6602)

European Parliament: responses to November 2011 consultation launched by Markus Ferber, rapporteur, on MiFID II legislative proposals

European Parliament publishes responses to rapporteur consultation on MiFID II (www.practicallaw.com/4-518-2106)

ISDA: MiFID/MiFIR and transparency for OTC derivatives

ISDA issues recommendations on transparency for OTC derivatives under MiFID II (www.practicallaw.com/8-518-0544)

February 2012

Opinion of the European Data Protection Supervisor: MiFID II Directive and MiFIR

EDPS opinions on CRD IV, MAD II, MiFID II and CRA III (www.practicallaw.com/2-518-0113)

European Parliament Committee on Economic and Monetary Affairs (ECON): Working document on the MiFID II proposal: overview of MiFID 1 and key aspects of the new proposals (dated 1 December 2011) (published 8 February 2012)

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January 2012

Council of the European Union: Opinion on the proposed MiFID II Directive

MiFID II: opinion of consultative working party of legal services of European Commission, European Parliament and Council of EU (www.practicallaw.com/0-517-2604)

October 2011

European Commission publishes MiFID II legislative proposals (www.practicallaw.com/6-509-4420)

ECON study assessing the cumulative impact of the most signficant current regulatory initiatives on the European banking sector

ECON study assesses cumulative impact of regulatory initiatives on European banking sector (www.practicallaw.com/7-508-8579)

March 2011

Trade associations: Letter to Michel Barnier European Commissioner for Internal Market and Services, dated 10 March 2011

Key trade associations urge Commission to support investor choice under MiFID review (www.practicallaw.com/9-505-1042)

February 2011

Responses from public authorities, including a joint response from HM Treasury and the FSA.

Responses from registered organisations, including responses from the Association of British Insurers (ABI), the British Bankers' Association (BBA), the Investment Management Association (IMA) and the International Swaps and Derivatives Association (ISDA).

Responses from individuals and other organisations, including responses from the Alternative Investment Management Association (AIMA), the Association of Private Client Investment Managers and Stockbrokers (APCIMS), the British Private Equity and Venture Capital Association (BVCA)

European Commission publishes responses to MiFID review consultation (www.practicallaw.com/3-504-9071)

HM Treasury: UK response to the Commission Services‟ consultation on the Review of the Markets in Financial Instruments Directive (MiFID)

HM Treasury and FSA respond to European Commission's MiFID review consultation (www.practicallaw.com/1-504-7624)

December 2010

CESR feedback statement on transaction reporting on OTC derivatives and extension of the scope of transaction reporting obligations (www.practicallaw.com/0-504-3344)

CESR feedback statement on CESR technical advice to the European Commission in the context of the MiFID review - standardisation and organised platform trading of OTC derivatives (www.practicallaw.com/7-504-3345)

CESR feedback statements on OTC derivatives in context of MiFID review (www.practicallaw.com/8-504-3222)

European Parliament press release: Parliament stakes out its position on MiFID reform: relates to November 2010 report by Kate Swinburne: "Report: regulation of trading in financial instruments – ‘dark pools’ etc."

European Parliament approves resolution on MiFID reform (www.practicallaw.com/1-504-2424)

European Commission consultation paper: REVIEW OF THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE

Markets in Financial Instruments Directive (MiFID): Frequently Asked Questions

European Commission consults on MiFID review (www.practicallaw.com/3-504-1664)

November 2010

European Parliament (Economic and Financial Affairs Committee): Report on regulation of trading in financial instruments - dark pools etc. (Own-initiative report procedure) by Kate Swinburne

European Commission report: Consumer Decision-Making in Retail Investment Services: A Behavioural Economics Perspective

European Commission reports on consumer decision-making in retail investment services study (www.practicallaw.com/0-503-9894)

CESR report: Summary of responses from investment firms and execution venues to CESR’s December 2009 Best Execution Questionnaire (Sections 1-4)

CESR reports on responses to its best execution questionnaire (www.practicallaw.com/3-503-9703)

October 2010

CESR feedback statement: Technical Advice to the European Commission in the context of the MiFID Review – Client categorisation (www.practicallaw.com/0-504-0944)

Legal update, CESR MiFID review feedback statement on client categorisation (www.practicallaw.com/0-503-7060)

CESR: Responses to Questions 1-14 and 19 of the European Commission Request for Additional Information in Relation to the Review of MiFID

CESR responses to European Commission questions relating to the MiFID review (www.practicallaw.com/9-503-6179)

CESR: Technical Advice to the European Commission in the context of the MiFID Review – Client Categorisation (www.practicallaw.com/4-503-9892)

CESR MiFID review technical advice on client categorisation (www.practicallaw.com/3-503-6177)

CESR: Technical Advice to the European Commission in the Context of the MiFID Review – Equity Markets Post-trade Transparency Standards (www.practicallaw.com/9-504-0567)

CESR MiFID review technical advice on post-trade transparency standards on equity markets (www.practicallaw.com/0-503-6188)

CESR: Technical Advice to the European Commission in the Context of the MiFID Review - Standardisation and Organised Platform Trading of OTC Derivatives (www.practicallaw.com/0-504-1095)

CESR MiFID review technical advice on OTC derivatives trading (www.practicallaw.com/7-503-6161)

CESR feedback statements on:

CESR MiFID review feedback statements on equity markets and non-equity markets transparency (www.practicallaw.com/0-503-6193)

September 2010

CESR feedback statement: Technical Advice to the European Commission in the context of the MiFID Review – Investor Protection and Intermediaries (www.practicallaw.com/5-504-1408)

CESR responds to comments on consultation on investor protection and intermediaries in context of MiFID review (www.practicallaw.com/4-503-2466)

August 2010

BBA response to CESR consultation on transaction reporting of OTC derivatives and extension of the scope of transaction reporting obligations

BBA response to CESR consultation on transaction reporting

July 2010

CESR: Technical Advice to the European Commission in the context of the MiFID Review – Transaction Reporting

CESR MiFID review technical advice on transaction reporting (www.practicallaw.com/1-502-9328)

CESR: Technical Advice to the European Commission in the Context of the MiFID Review - Equity Markets (www.practicallaw.com/4-503-9868)

CESR MiFID review technical advice on equity markets (www.practicallaw.com/5-502-9369)

CESR: Technical Advice to the European Commission in the context of the MiFID Review - Investor Protection and Intermediaries (www.practicallaw.com/4-503-9873)

CESR MiFID review technical advice on investor protection and intermediaries

CESR: Technical Advice to the European Commission in the Context of the MiFID Review: Non-equity Markets Transparency (www.practicallaw.com/8-504-1416)

CESR MiFID review technical advice on non-equity markets transparency (www.practicallaw.com/3-502-9332)

CESR: CESR's Responses to Questions 15-18 and 20-25 of the European Commission Request for Additional Information in Relation to the Review of MiFID

CESR responses to European Commission questions relating to the MiFID review

CESR consultation paper: Transaction Reporting on OTC Derivatives and Extension of the Scope of Transaction Reporting Obligations

CESR consultation on transaction reporting on OTC derivatives and extension of transaction reporting scope  (www.practicallaw.com/2-502-8371)

CESR consultation paper: CESR Technical Advice to the European Commission in the context of the MiFID Review: Client Categorisation

CESR consultation on client categorisation under MiFID (www.practicallaw.com/3-502-7762)

June 2010

CESR: Responses to the consultation on CESR's advice in the context of the MiFID Review: Non-equity markets transparency

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May 2010

CESR consultation paper: CESR Technical Advice to the European Commission in the Context of the MiFID Review: Non-equity markets transparency (www.practicallaw.com/0-504-1745)

CESR consults on non-equity markets transparency (www.practicallaw.com/8-502-2413)

April 2010

CESR:

CESR consults on Commission technical advice on investor protection and intermediaries, equity markets and transaction reporting for MiFID review (www.practicallaw.com/2-502-0129)

CESR: Call for evidence: Micro-structural issues of the European equity markets (www.practicallaw.com/6-504-1403)

CESR publishes call for evidence on micro-structural issues of the European equity market (www.practicallaw.com/3-501-9234)

July 2009

CESR report: Transparency of corporate bond, structured finance product and credit derivatives markets (www.practicallaw.com/7-503-9876)

CESR publishes report recommending introduction of mandatory post-trade transparency regime for non-equity markets (www.practicallaw.com/4-386-5813)

 
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