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”…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
Click on the link above to download briefing.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
The VAT pilot programme (initially launched in Shanghai on 1 January 2012) provides for VAT exemption for certain qualified cross-border services that are rendered by a service provider in China to an overseas service recipient.
In this briefing, Taylor Wessing looks at the termination process for senior executives in various countries.
Analysis from The Lawyer
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world
Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town