These pages have been created by the FCA to help keep market participants, firms and consumers informed of developments relating to MiFID II.
The Markets in Financial Instruments Directive (MiFID) is the framework of European Union (EU) legislation for:
MiFID was applied in the UK from 1 November 2007. But it is now being comprehensively revised to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection. We expect the changes to take effect from 3 January 2017. It will be known as MiFID II.
Firms will need to start planning for the changes ahead of the finalisation of the EU implementing legislation and the subsequent changes we make to our Handbook and the Treasury makes to financial services legislation. MiFID II is a wide-ranging piece of legislation and, depending on business model, could affect a wide range of a firm’s functions – from client services to IT and HR systems.
The European Council has now published the following versions of the MiFID II and MIFIR texts in the official journal.
MiFID has been in force for over six years and is the cornerstone of the European Union’s regulation of financial markets. Find the latest news on MiFID II.
We summarise the significant changes proposed to the Markets in Financial Instruments Directive.
Information on the market data reporting proposals, including our recent presentation which summarises the key points in MiFID II.
MiFID II comprises two levels of European legislation.
ESMA provided advice on the delegated acts to the European Commission at the end of 2014, delivered draft technical standards on 28 September 2015, and will deliver the drafts of the remaining technical standards by early 2016. The Commission has to endorse the technical standards and adopt the delegated acts, and they will then be subject to scrutiny by the European Parliament and Council before they enter into force.
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