Markets in Financial Instruments Directive (MiFID)

The recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II), with its accompanying Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR), is a major new piece of legislation, broadly covering securities trading (including emissions trading, and bringing some OTC derivatives contracts on to new regulated trading venues), investor protection (including rules on advice and the sale of investment products), new reporting requirements, and new supervisory powers for regulators.

Latest Reports

  • abstract pink boxes

    On 1 March 2022, HM Treasury published its response to its consultation on the Wholesale Markets Review (WMR), which closed on 24 September 2021. A relatively large number of organisations from across the industry participated in the consultation and the response engages in some detail with the feedback received. The ...

  • Paper bird on blue and green background

    On 1 July 2021, HM Treasury published a consultation paper launching its Wholesale Markets Review, which is pitched as an opportunity to make the UK’s financial services rulebook “nimble and fit for purpose” following the UK’s departure from the EU. The consultation paper addresses a number of areas under the ...

  • abstract blue puple

    In December 2020, the Financial Conduct Authority (FCA) published the first of three planned Consultation Papers (CP20/24) (link) on the new UK Investment Firm Prudential Regime (“IFPR”), which is now due to be implemented on 1 January 2022 (link). This first consultation closes on 5 February 2021, with a Policy ...

  • brexit

    The EU-UK Trade and Cooperation Agreement and the end of the Brexit transitional period on 31 December 2020 has resulted in significant changes to EU-UK trade in financial services. In particular, UK firms can no longer rely on their UK licences to provide services to customers across the EU. UK ...

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    The European Securities Markets Authority (“ESMA”) has clarified its position on the requirements for ‘backloading’ under the Securities Financing Transactions Regulation (“SFTR”) revising its initial statement on coordinated supervisory actions. In its revised statement, ESMA extends its recommendations for regulatory forbearance to include any securities financing transactions (“SFTs”) that are ...

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