In this article, Hugh Merritt, Senior Associate at Hogan Lovells, considers some of the key changes and practical implications of the European Commission's legislative proposals to amend the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). This article focuses principally on the proposals relating to markets.

For more information about the proposals relating to investor protection and investment services, see Article, MiFID II review (Part 1): Changes proposed in relation to investor protection and the provision of investment services.