The original Markets in Financial Instruments Directive (MiFID) was implemented in November 2007. It introduced competition to the EU trading landscape and provided a ‘passport’ for trading venues and investment firms to operate throughout Europe on the basis of authorisation in their home Member State.
As a result of the global financial crisis the European Commission adopted a legislative proposal for the revision of MiFID. The proposals take the form of a revised Directive (MiFID ii) and a new Regulation (MiFIR), which together are commonly referred to as ‘MiFID ii’. MiFID ii expands MiFID’s scope particularly with respect to commodity derivatives, adds further investor protections and increased the requirements related to the trading of financial instruments.
MiFID ii / MIFIR will apply to:
- Investment firms;
- Credit institutions when providing investment services and/or performing investment activities;
- Market operators including any trading venues they operate;
- All financial counterparties as defined in Article 2(8) of the European Infrastructure Regulation (EMIR) and to all non-financial counterparties falling under Article 10(1)(b) of EMIR;
- Central Counter Parties (CCPs) and persons with proprietary rights to benchmarks; and
- Third country firms providing investment services or activities within the European Union.
In order to raise awareness of the potential impact of MiFID ii the Commission is holding a presentation to industry. The event will comprise various presentations followed by a question and answer session. If you have any questions which you wish to raise please email them to [email protected].
Attendance will be on a first come first served basis. Please contact [email protected] if you wish to attend.