Luxembourg newsflash — MiFID II: key aspects

The final texts of the revised Markets in Financial Instruments Directive have been published in the Official Journal of the European Union. The texts consist of two legislative instruments: a revised directive (MiFID II) and a directly applicable regulation (MiFIR) (together hereinafter referred to as ‘MiFID II’). MiFID II will enter into force beginning of July 2014. MiFID II will be effective as from January 2017, but the directive will have to be enacted into Luxembourg law by June 2016 at the latest.

A number of aspects of MiFID II will have to be further specified in ‘level 2’ delegated and implementing acts as well as technical standards. On 24 April 2014, the European Commission sought ESMA’s technical advice on several aspects of MiFID II in view of possible delegated acts. The ‘level 2’ texts are expected to be adopted by the European Commission by June 2015.

MiFID II is interrelated with other recent legislative acts and proposals, e.g. CRD IV, EMIR, UCITS V, PRIPS, AIFMD and IMD. It aims at establishing a safer, sounder, more transparent and more responsible financial system by extending market transparency, improving competition in trading and clearing of financial instruments, moving organised trading to multilateral and regulated platforms, adapting rules to technological developments, strengthening investor protection, providing partially harmonised rules for the access of third-country firms to the EU market and ensuring harmonised administrative sanctions and effective co-operation between authorities…

Click on the link below to read the rest of the Arendt & Medernach briefing. 

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.


41A, avenue J.F. Kennedy

Turnover (€m): 99.00
Jurisdiction: Luxembourg