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MiFID II and MiFIR – The Markets in Financial Instruments Directive and Regulation
Welcome to our MiFID II and MiFIR hot topic page which sets out information on the current status of MiFID II including industry consultation papers. We have included links on this page to our MiFID II briefings, relevant sources of law, regulations and guidance. For the very latest information and advice on MiFID II, please feel free to contact one of our lawyers.
Countdown to MiFID II application
MiFID II will apply on 3 January 2018. Make sure you are fully prepared.
How Eversheds Sutherland can help
MiFID II NetMiFID II Net offers a one stop shop solution to help you plan and manage your entire MiFID II implementation project. Our gap analysis tool is designed in conjunction with clients to address MiFID II project implementation in a cost-effective manner. The tool can be seamlessly integrated into MiFID II Net’s project management capabilities.
- Functionality to allocate and monitor project tasks
- Calendar reminders
- A fully fledged document management module
- MiFID II document suite
- Cloud storage for secure online storage for your templates, polices and documents
For further information, please contact Andrew Henderson or Michael Booth.
Our MiFID Maps tool is designed to help with MiFID II implementation and can be used in conjunction with the MiFID II gap analysis and project implementation tools which we offer.
MiFID Maps identify:
- how the Level One MiFID I provisions map against the Level One MIFID II and MiFIR provisions;
- each article of the Level One MiFID II Directive and MiFIR Regulation, by number and subject, as well as corresponding recitals which have an important role in giving meaning to some articles;
- how the European Securities and Markets Authority (ESMA) have amplified the Level One provisions, through Level Two directives, regulatory technical standards (RTS) and implementing technical standards (ITS);
- the provisions of the Organisational Regulation (Commission Delegated Regulation (EU) of 25.4.2016) which will replace sections of the FCA Handbook of Rules and Guidance; and
- how the Financial Conduct Authority (FCA) is currently planning to implement the requirements of MiFID II in the United Kingdom (as it has indicated in Consultation Papers 16/19 and 15/43).
About MiFID II
MiFID II represents the response to the Commission’s review of the Markets in Financial Instruments Directive (MiFID) in light of the 2008 financial crisis. MiFID governs the regulatory framework for firms that provide investment services and products in the European Union (EU). MiFID II expands MiFID’s scope, adds further investor protections, increases the requirements related to the trading of financial instruments and introduces new provisions for non-EU investment firms offering investment services and products in the EU.
The key changes envisaged by MiFID II are classified in respect of the following areas (and we explore these in more detail below):
Current status of MiFID II
Member states are required to adopt measures to transpose the MiFID II Directive by 3 July 2017 and those measures must be effective from 3 January 2018 (with some minor exceptions). As MiFIR is a regulation it does not need to be transposed and will apply (with limited exceptions) from 3 January 2018. Please see the MiFID II section of our Financial Services Regulatory Calendar for key future milestones.
Industry Consultation and Discussion Papers
- December 2016: Consultation Paper, Markets in Financial Instruments Directive II Implementation – Consultation Paper 4 (CP16/43)
- September 2016: Consultation Paper, Markets in Financial Instruments Directive II Implementation –Consultation Paper 3 (CP16/29)
- July 2016: Consultation Paper, Markets in Financial Instruments Directive II Implementation – Consultation Paper 2 (CP16/19)
- December 2015: Consultation Paper, Markets in Financial Instruments Directive II Implementation – Consultation Paper 1 (CP15/43)
- March 2015: Discussion Paper, Developing our approach to implementing MiFID II conduct of business and organisational requirements (DP15/3)
- November 2016: Consultation Paper, Implementation of MiFID II: Part 2 (CP43/16)
- October 2016: Policy Statement, MiFID II – Response to CP9/16 (PS29/16)
- March 2016: Consultation Paper, Implementation of MiFID II: Part 1 (CP9/16)
- November 2016: Consultation Paper, Draft RTS on package orders for which there is a liquid market
- October 2016: Consultation Paper, Guidelines on the calibration, publication and reporting of trading halts
- October 2016: Consultation Paper, RTS specifying the scope of the consolidated tape for non-equity financial instruments
- September 2016: Discussion Paper, The trading obligation for derivatives under MiFIR
- May 2016: Final Report, Draft regulatory technical standards on indirect clearing arrangements under EMIR and MiFIR
- May 2016: Final Report, RTS on reporting obligations under Article 26 of MiFIR
- April 2016: Final Report, temporary exemption for ETDs under MiFID II
- Measuring your approach - MiFID II Best Execution
- Measuring your Approach. Implementing the MiFID II Product Governance and Distributor Governance Rules
- Measuring your approach. Implementing Transaction Reporting for MiFID II
- Measuring your Approach. Implementing the MiFID II Research Payment Rules
- CASS and MIFID II implementation: 10 things for all firms to note