An update on MiFID II and MiFIR
The European Commission proposals for a revised Markets in Financial Instruments Directive (MiFID II) and new Markets in Financial Instruments Regulation (MiFIR) are now in the advanced stages of debate amongst European legislators. MiFID II and MiFIR contain a number of controversial provisions which have generated a strong response from interested parties and Member States alike. This e-alert looks at some of the most contentious proposals which have been holding up the legislative process.
The overarching objective of the “original” Markets in Financial Instruments Directive (MiFID I) was to open up European equity markets while affording a significant degree of protection for investors participating in those markets.
Despite some success at achieving these objectives, MiFID I could not keep pace with rapid developments in markets and trading systems fuelled by advances in technology and increased innovation in financial products. This has led to market fragmentation, weak regulation of non-equity instruments and an overall lack of transparency. As a result, MiFIR and MiFID II sit within a set of crisis-era regulatory reforms “aimed at establishing a safer, sounder, more transparent and more responsible financial system”…
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