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 were due to apply from 3 January 2017, however it is likely that application will be postponed for a year.
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.