November 2021 CMU legislative package - MiFIR2/MiFID3

On 25 November 2021, the Commission adopted a Capital Markets Union (CMU) legislative package including proposed changes to MiFIR and MiFID2 relating to the EU equities and non-equities transparency regimes, transaction and financial instrument data reporting, the share and derivatives trading obligations, payment for order flow (PFOF) and best execution reporting.

• Proposal for a Regulation amending Regulation (EU) No 600/2014 as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising the trading obligations and prohibiting receiving payments for forwarding client orders (MiFIR2) 
  • (April 2023) MiFIR2 redline showing the Council of the EU's proposed changes | MiFIR2 redline showing the European Parliament's proposed changes
  • (November 2021) MiFIR2 redline showing the Commission's proposed changes (produced by Clifford Chance)    
• Proposal for a Directive amending Directive 2014/65/EU (MiFID3)
  • (April 2023) MiFID3 redline showing the Council of the EU's proposed changes | MiFID3 redline showing the European Parliament's proposed changes
  • (November 2021) MiFID3 redline showing the Commission's proposed changes (produced by Clifford Chance)
• Impact assessment report accompanying the proposals | Executive summary

Background and preparatory materials

• (21 April 2023) European Parliament briefing on amendments to MiFID2 and MiFIR
• (1 March 2023) ECON Committee adopts reports on MiFIR2/MiFID3 - Press release | Report on MiFID3 (published 3 March 2023) | Report on MiFIR2 (published 8 March 2023)
• (20 December 2022) Press release - EU Council's Committee of Permanent Representatives (Coreper) agrees its negotiating position on MiFIR2/MiFID3
• (1 June 2022) ECB opinion on MiFIR Review proposal
• (15 March 2022) ESMA's technical comments on the MiFIR Review proposal | Press release
• (24 February 2021) Speech by Mairead McGuinness, European Commissioner for Financial Services, Financial Stability, and Capital Markets Union - What Vision for Europe​, considers, among other things, next steps on the MiFID Review, including an intention to adopt a legislative proposal at the end of 2021
• (17 February 2020) European Commission, Public consultation on the review of the MiFID2/MiFIR regulatory framework​ | Consultation webpage​ - closed 20 April 2020 - both the ESMA reports and this consultation will inform the review reports for the European Parliament and the Council, including legislative proposals where considered necessary. 
  • Priority areas of review include consolidated tape, investor protection (including the suggestion for a semi-professional category), research unbundling rules and SME research coverage, and commodity markets. 
  • Other / non-priority areas of review include the derivatives trading obligation, multilateral systems (trading venues), double volume cap, non-discriminatory acess, digitalisation and new technologies, and FX (including whether spot FX should be brought into scope of regulation)
• (19 November 2019) ​Speech by Steven Maijoor, Chair of ESMA, on banking and the MiFID2 Review​, delivered at the Euro Finance Week in Frankfurt
• (23 May 2019) Formal request to ESMA for technical advice on reports to be submitted by the Commission under MiFID2 and MiFIR​
• ​(27 March 2019) ESMA letter to the European Commission on MiFID2/MiFIR Review Reports - sets out timing of reports required under MiFID2 | Press release​

German Ministry of Finance consultation

• (27 August 2019) BMF position papers on MiFID2, the PRIIPs Regulation and MiFIR forwarded to the European Commission:
  
  • Necessary amendments and revisions to investor protection provisions in MiFID and PRIIPs​ (in English)
    
  • Necessary amendments and revisions to secondary market provisions in MiFID and MiFIR​ (in English)
    
  • Press release​ (in German)
    
• (8 January 2019) German Federal Ministry of Finance (BMF) consultation on MiFID2/MiFIR​ (in German) - closed 15 March 2019

MiFID2 Mandates | MiFIR Mandates

Third country regimes in the context of UK withdrawal from EU

• (13 January 2021) ESMA public statement: reminder of the MiFID2 rules on reverse solicitation in the context of the recent end of the UK transition period​ | Press release
• (26 October 2020) ESMA statement on the its application of the EU's share trading obligation | Press release
• (1 October 2020) ESMA updates statement on the impact of Brexit on MiFID2/MiFIR | Press release
• (7 October 2019) ESMA updates statement on the impact of no-deal Brexit on the application of MiFID2/MiFIR and BMR
• (​29 May 2019) Revised public statement on the impact of Brexit on the trading obligation for shares (Article 23 of MiFIR)​​ | ​19 March 2019 version
• (7 March 2019) ESMA statement on the application of several MiFID2/MiFIR and Benchmark Regulation provisions under a no-deal Brexit​
• (6 February 2019) Supervisory briefing on the supervision of non-EU branches of EU firms providing investment services and activities​​
• (19 December 2018) ESMA calls on financial firms to improve communication to clients​
• (3 October 2018) ESMA Chair's speech at WFE Annual Meeting 2018 in Athens on MiFID2 and Brexit preparations
• (​​26 September 2018) Letter ​from ESMA to European Commission on provision of investment services and activities at the exclusive initiative of the client and outsourcing of functions to third country entities
  
• (20 November 2017) Letter ​from ESMA to European Commission on placing of trading screens in the EU and lack of temporary suspension regime for the trading obligation for derivatives

Possible operation of SI broker crossing networks

• (28 August 2017) Commission adopts Delegated Regulation amending the MiFID2 Delegated Regulation (2017/565) as regards the definition of systematic internalisers for the purposes of MiFID2
• (20 June 2017) Commission consults on Draft Delegated Regulation to clarify systematic internaliser definition
• Correspondence between the European Parliament and European Commission on concerns in relation to the possible establishment of networks of systematic internalisers (SIs) operating broker crossing networks:
  • (24 February 2017) Parliament's letter to Commission
  • (16 March 2017) Commission's response 
  • (7 April 2017) Parliament's response
• (14 February 2017) ESMA writes to European Commission on systematic internalisers operating broker crossing networks | Press release

Temporary exemption for exchange traded derivatives (ETDs)

• (13 July 2021) ESMA statement on the supervisory approach to MiFIR open access provisions for ETDs in light of the likely extension of the transitional period to 3 July 2023
• (3 July 2020) Notice of information​ on postponement of entry into application of MiFIR open access provisions with regard to ETDs - transitional period extended to 3 July 2021
• (11 September 2017) Report from the Commission to the European Parliament and the Council on the need to temporarily exclude exchange-traded derivatives from the scope of Articles 35 and 36 of the MiFIR
• (4 April 2016) ESMA publishes Risk Assessment on whether ETDs should be exempted for a period of 30 months from non-discriminatory access provisions under Articles 35 and 36 MiFIR to inform Commission report to be presented to Parliament and Council by 3 July 2016 | Press release 
• (10 February 2016) European Systemic Risk Board (ESRB) published a response to ESMA on a temporary exclusion of exchange-traded derivatives (ETDs) to inform ESMA's risk assessment for the Commission, which is required to submit a report to the Parliament and Council by 3 July 2016. 

Mutual recognition of derivative trading venues

• (1 April 2019) European Commission adopts Implementing Decision on the equivalence of the legal and supervisory framework applicable to approved exchanges and recognised market operators in Singapore in accordance with MiFIR​ | Annex​ | Press release​
• (5 December 2017) European Commission adopts Implementing Decision on the equivalence of the legal and supervisory framework applicable to designated contract markets and swap execution facilities in the United States of America in accordance with MiFIR | Annex | Press release
• (13 October 2017) United States Commodity Futures Trading Commission (CFTC) and the European Commission announce a common approach for the mutual recognition of EU and US derivatives trading venues. Under the approach both EU and US companies will be able to trade certain derivatives on their respective trading venues while complying with their trading obligations | Joint announcement | Commission Implementing Decision on equivalence under Article 11 EMIR

Exemptions from transparency requirements for central banks

• (29 June 2019) Delegated Regulation (EU) 2019/1000​ amending Delegated Regulation (EU) 2017/1799 as regards the exemption of the People's Bank of China from pre- and post-trade transparency requirements 
• (12 June 2017) Commission adopts Commission Delegated Regulation (EU) 2017/1799 extending the exemption in Article 1(6) MiFIR to specified third country central banks and the Bank for International Settlements
• (9 June 2017) Commission presents report to the European Parliament and the Council on exemptions for third-country central banks and other entities under MiFIR

Product intervention powers under MiFIR

• Webpage​ for opinions on national product intervention measures
  
• See also the MiFID2 Review section on this Topic Guide
• (3 February 2020) Final Report: ESMA's technical advice to the Commission on the effects of product intervention measures (ESMA35-43-2134) | Press release​
• (30 September 2019) Call for evidence on effects of product intervention measures regarding CFDs and binary options on market participants and clients | Press release
• (31 July 2019) ESMA ceases renewal of product intervention measures relating to contracts for differences​
• (1 July 2019) ESMA ceases renewal of product intervention measure relating to binary options 
• (27 March 2018) ESMA agrees product intervention measures on contracts for differences and binary options to retail clients | Additional information | Renewed ​on 9 November 2018​ | Renewed on ​18 February 2019​
• (18 January 2018) Call for evidence on potential product intervention measures on contracts for differences and binary options to retail clients  
• (16 June 2017) Securities and Markets Stakeholder Group own initiative report on product intervention under MiFIR
• (12 January 2017) Opinion on product intervention powers | Press release

Clifford Chance MiFID1 material

• MiFID Connect online tool for UK implementation of MiFID1 including guidelines on outsourcing, suitability and appropriateness, investment research, best execution, and conflicts of interest.
• MiFID1 application of key provisions by client category.

MiFID Review materials (2010)

Additional information

• (October 2010) CESR Response to questions 1 to 14 and 19 of Commission request for additional information
• (July 2010) CESR Responses to questions 15 to 18 and 20 to 25 of Commission request for additional information
• (March 2010) CESR Response letter to Commission request for additional information in relation to the MiFID Review
• (March 2010) Commission letter to CESR – request for additional information in relation to the MiFID Review

Client categorisation

• (October 2010) CESR Feedback statement on technical advice – client categorisation
• (October 2010) CESR Technical advice – client categorisation
• (July 2010) CESR Consultation paper on client categorisation

Standardisation and organised platform trading of OTC derivatives

• (December 2010) CESR Feedback statement on CESR technical advice – standardisation and organised platform trading of OTC derivatives
• (October 2010) CESR Technical advice – standardisation and organised platform trading of OTC derivatives

Equity markets

• (October 2010) CESR Technical advice – equity markets
• (October 2010) CESR Technical advice – post trade transparency equities
• (July 2010) CESR Technical advice – equity markets
• (April 2010) CESR Consultation paper on equity markets
• (April 2010) CESR Call for evidence – micro-structural issues of the European equity markets

Non-equity markets transparency

• (October 2010) CESR feedback statement on technical advice – non-equity markets transparency
• (July 2010) CESR Technical advice – non equity markets transparency
• (June 2010) CESR Responses to consultation on non equity markets transparency
• (May 2010) CESR Consultation paper on non equity markets transparency
• (July 2009) CESR Report on transparency of corporate bond, structured finance product and credit derivatives markets

Transaction reporting

• (December 2010) CESR Feedback statement on extension of transaction reporting
• (July 2010) CESR Consultation paper on OTC derivatives and extension of scope of transaction reporting
• (July 2010) CESR Technical advice – transaction reporting
• (April 2010) CESR Consultation paper on transaction reporting

Investor protection and intermediaries

• (November 2010) CESR Report summary of responses to 2009 best execution questionnaire (Sections 1 to 4)
• (September 2010) CESR Feedback statement on CESR technical advice – investor protection and intermediaries
• (July 2010) CESR Technical advice – investor protection and intermediaries
• (April 2010) CESR Consultation paper on investor protection and intermediaries 
   

Level 1: legislative acts

• Markets in Financial Instruments (MIFID1) Directive 2004/39/EC (Consolidated version)

Level 2: implementation 

• Commission Directive 2006/73/EC implementing Directive 2004/39/EC 
  
• Commission Regulation 1287/2006/EC implementing Directive 2004/39/EC
• Commission FAQs on Level 2

European Commission

• Commission Q&As on MiFID1
• (11 July 2007) European Securities Markets Expert Group (ESME) report on "durable medium" in the context of MiFID1 and DMD
• (18 June 2007) European Commission paper on allocation of responsibilities among home/host regulators with respect to the supervision of branches

European Securities Markets Authority (ESMA)

• (18 May 2017) Follow-up report to the peer review on MiFID Conduct of Business rules relating to fair, clear and not misleading information
• (25 July 2016) ESMA Q&A on provision of CFDs and other speculative products to retail investors under MiFID
• (April 2016) MiFID Suitability Requirements Peer Review Report | Annex
• (July 2015) Consultation on draft Joint European Supervisory Authorities' guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the financial sector (to replace December 2008 financial committee's Guidelines)
• (May 2015) Guidelines on the application of the definitions in Sections C6 and C7 of Annex I of Directive 2004/39/EC (MiFID)
• (March 2015) Final draft technical standards on information requirements for assessments of acquisitions and increases in holdings in investment firms (not yet adopted) - amends final draft report published December 2013
• (March 2015) Guidelines on automated trading - ESMA peer review among National Competent Authorities. 
• (September 2014) Consultation on draft guidelines on the application of C6 and C7 of Annex I of MiFID.
• (June 2013) Guidelines on remuneration policies and practices.
• (July 2012) Guidelines on certain aspects of the MiFID suitability requirements.
• (July 2012) Guidelines on certain aspects of the MiFID compliance function requirements.
• (24 February 2012) Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities.

Committee of European Securities Regulators (CESR) 

• (May 2010) MiFID Q&A: (1) Common positions agreed by CESR Members of the Investor Protection and Intermediaries Standing Committee; and (2) Common positions agreed by CESR Members in the area of the Secondary Markets Standing Committee
• (19 April 2010) Q&A - Understanding the definition of advice under MiFID 1​
• (November 2009) Q&A – MiFID complex and non complex financial instruments for the purposes of MiFID appropriateness requirements and feedback statement.
• (December 2008) EU financial Committees (CEBS, CESR and CEIOPS) joint guidelines for the prudential assessment of acquisitions and increases in holdings in the financial sector
• (May 2007) Recommendations on the passport under MiFID and feedback statement.
• (May 2007) Q&A on best execution under MiFID and feedback statement.
• (May 2007) Recommendations on inducements under MiFID.
• (May 2007) Level 3 guidelines on MiFID transaction reporting.
• (February 2007) Level 3 recommendations on the list of minimum records in article 51(3) of the MiFID Implementing Directive and feedback statement
• (February 2007) Guidelines and recommendations on publication and consolidation of markets data and feedback statement
• (April 2005) Technical advice on possible implementing measures of MiFID and feedback statement – first mandates (extended) and second mandates.
• (February 2005) Technical advice on possible implementing measures of MiFID and feedback statement – first mandates 

UK transposition of MiFID1

See the FSA MiFID1 Library, for links to FSA and other documents relating to the implementation of MiFID1 in the UK

• (2007) How UK transposed MiFID1: HMT memorandum; FSA transposition tables for MiFID1, MiFID1 implementing directive and recitals.

The Financial Services and Markets Bill 2022-23 implements, among other things, the outcomes of the Wholesale Markets Review, which was launched in July 2021, with the aim of improving the competitiveness and increasing the flexibility of wholesale capital markets regulation by making changes to the UK MiFID2 framework. See the Tracking the implementation of the Future Regulatory Framework section of the Financial Services and Markets Bill Topic Guide for further developments relating to the implementation of the Wholesale Markets Review.

Statutory amendments arising from Brexit | Legislation | UK Investment Firm Prudential Regime | HM Treasury | FCA | PRA | LSE

Statutory amendments arising from Brexit

The UK government has published various statutory instruments under the European Union (Withdrawal) Act 2018 (EUWA), as amended by the European Union (Withdrawal A​greement) Act 2020 (WAA), to bring most of EU law onto the UK statute book following the UK's withdrawal from the EU, including:

• the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (SI 2018/1403), which amends MiFIR, the tertiary legislation made under MiFID2 and the UK legislation which implemented MiFID;
• the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (SI 2018/1149), which puts in place a 'temporary permissions regime (TPR)' to mitigate the impact of the loss of 'passport' rights for EEA firms, including passport rights under MiFID2;
• the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (SI 2019/405), which puts in place a 'financial services contracts regime (FSCR)' to mitigate the impact of the loss of 'passport' rights for EEA firms that do not or no longer benefit from the TPR;
• the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (SI 2019/541)​, which facilitated the making of equivalence determinations and exemptions under EU legislation, including MiFID2/MiFIR;
• the Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (SI 2021/1074)​, which seeks to address deficiencies in relation to the retained Benchmarks Regulation (BMR) and MiFIR as well as the Financial Promotions Order 2005, including removing the non-discriminatory access regime for exchange-traded derivatives (ETDs).​

The FCA is using powers delegated to it under the EUWA, including the temporary transitional power (TTP), to remedy deficiencies in the technical standards under MiFID2/MiFIR and its own rules, and to mitigate other impacts following the UK's withdrawal from the EU, including in relation to MiFID2/MiFIR.

For more information on the FCA's actions with respect to Brexit, see here.

For more information on Brexit and the transition period, please see the Brexit Topic Guide. 

Legislation

Markets in Financial Instruments (Investor Reporting) (Amendment) Regulations 2022 (SI 2022/1297) | Explanatory memorandum

Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021 | Explanatory memorandum

Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 | Explanatory memorandum

Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No 2) Regulations 2017 | Explanatory memorandum

Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 | Explanatory memorandum

Data Reporting Services Regulations 2017 | Explanatory memorandum

Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 | Explanatory memorandum

The UK Investment Firm Prudential Regime (IFPR)

Throughout 2020/21, HMT and the FCA are consulting on​ a new UK Investment Firm Prudential Regime (IFPR) for UK MiFID regulated firms, which is intended to be introduced in January 2022.

• FCA IFPR webpage
  
• (26 November 2021) FCA policy statement (PS21/17) on implementation of the IFPR | webpage - third of three policy statements on IFPR
  • (6 August 2021) FCA consultation (CP21/26) on new UK prudential regime for MiFID investment firms ​​​| Press release​ ​
• (22 October 2021) FCA publishes near-final rules in instruments FCA 2021/38 and FCA 2021/39 | Press release
  
  • (12 November 2021) FCA webpage on amendments to near-final IFPR instrument (FCA 2021/38) originally published in PS21/9
• (26 July 2021) FCA policy statement (PS21/9) on the implementatio​n of the IFPR | webpage​ ​- second of three policy statements on IFPR
  • (19 April 2021) FCA consultation (CP21/7) on own funds requirements,​ liquidity, ICARA, regulatory reporting and remuneration | Press release​
• (29 June 2021) FCA policy statement (PS21/6) on the implementation of the IFPR | webpage​ - first of three policy statements on IFPR
  • (14 December 2020) FCA consultation (CP20/24) to introduce the UK IFPR | Press release
• (22 June 2021) HMT consultation response on the implementation of the IFPR and Basel 3 standards​ | webpage
  
  • (7 September 2021) HMT consultation on exclusion of short-term liabilities owed to investment firms from bail-in
  • (4 February 2021) HMT consultation on the implementation of the IFPR and Basel 3 standards
    
• (23 June 2020) FCA discussion paper (DP20/2) on a new UK prudential regime for MiFID investment firms | Press release

HM Treasury (HMT)

• (1 March 2023) Draft Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 | Draft explanatory memorandum | Ministerial statement | Webpage - proposed to come into force on 1 January 2025 - will remove the obligation on firms trading in commodity derivatives or emission allowances as an ancillary activity to annually notify the FCA when making use of the exemption from authorisation (the ancillary activities exemption)
• (1 July 2021) UK Wholesale Markets Review Consultation | Webpage - announced in the Chancellor's Mansion House Speech, the consultation closed 24 September 2021
  • (1 March 2022) Government response
• (15 December 2020) Call for evidence on overseas framework, including investment services equivalence under Title VIII of UK MiFIR
• (February 2017) Transposition note
• (9 February 2017) Document on the outcome of the consultation on the transposition of MiFID2 and draft SIs published on the consultation webpage
• (20 September 2016) Consultation on amending definition of regulated advice in Article 53 RAO to reflect the definition under MiFID
• (27 March 2015) Consultation on the transposition of MiFID2 | Webpage

Financial Conduct Authority (FCA)

FCA MiFID webpage     

Policy and supervisory statements

• (3 May 2023) FCA policy statement (PS23/4) on improving equity secondary markets | Webpage | Press release - forms part of the Wholesale Markets Review
• (30 November 2021) FCA policy statement (PS21/20) on changes to conduct and organisational requirements under UK MIFID - final policy on removal of best execution reporting (RTS 27 and 28) and exemptions from inducement rules in relation to FICC and certain SMEs research
• (4 March 2021) FCA statement of policy on the DVC under UK MiFIR | Press release
• (16 December 2020) Update to Supervisory Statement on MiFID Transparency Regime
• (14 January 2020) Update to the Supervisory Statement on the Operation of the MiFID Transparency Regime post-Brexit​
• (4 March 2019) Statements of policy on the operation of the MiFIR transparency regime in the event of a no-deal Brexit​​
• (3 July 2017) Second policy statement (PS17/14) | webpage
• (31 March 2017) First policy statement (PS17/5) | press release

Consultations

• (5 July 2022) FCA consults on equity secondary markets (CP22/12) - forms part of the Wholesale Markets Review - closed 16 September 2022
• (11 March 2022) FCA quarterly consultation paper no. 35 (CP22/4) - various miscellaneous amendments - closed 11 April 2022
• (14 July 2021) FCA consultation (CP21/22) on LIBOR transition and the DTO - closed 25 August 2021
• (28 April 2021) FCA consultation (CP21/9) ​on changes to UK MiFID's conduct and organisational requirements | Webpage​ - closed 23 June 2021 - issued as part of FCA and HMT ​capital markets review and relates to some areas also covered in EU MiFID Quick Fix (namely research and best execution reporting)
• (3 July 2017) Sixth consultation (CP17/19) | webpage
• (31 March 2017) Fifth consultation (CP17/8) | webpage
• (23 January 2017) CASS 7A & the Special Administration Regime Review (CP17/2), which seeks feedback on minor consequential changes to CASS 7 and CASS 7A to address indirect clearing requirements under EMIR and MiFIR RTS | webpage
• (16 December 2016) Fourth consultation (CP16/43) on implementation of MiFID2, including specialist conduct of business regimes, the tied agents regime, SME growth markets and market data as well as other matters | press release
• (29 September 2016) Third consultation (CP16/29) on implementation of MiFID2 on conduct of business issues and other matters | press release
• (29 July 2016) Second consultation (CP16/19) on implementation of MiFID2 | press release
• (15 December 2015) First consultation (CP15/43) on implementation of MiFID2, which mainly covers secondary trading of financial instruments | press release

Other materials

• (2 March 2023) FCA publishes trade data review report and launches wholesale data market study | press release
• (11 January 2023) Market Watch 72 - observations on the quality of service provided by DRSPs
• (22 December 2022) FCA statement extending temporary measures on 10% depreciation notifications
• (3 October 2022) Market Watch 70 - observations on the transaction reporting and instrument reference data regime
• (31 May 2022) FCA Dear CEO / portfolio letter to data reporting services providers (DRSPs) - sets out key risks and supervisory expectations
• (14 March 2022) FCA update on the market share test under the ancillary activities exemption for commodity derivatives
• (13 January 2022) FCA statement on supervisory flexibility in relation to the short selling indicator, noting no supervisory action to be taken in respect of Article 26(7), UK MiFID until changes to the UK MiFIR transaction reporting regime have been considered
  
• (20 December 2021) FCA statement on supervision of commodity derivatives position limits - FCA continuing in its approach to not take supervisory action in certain circumstances until HMT concludes its Wholesale Market Review (and in the absence of indications of market abuse)
• (9 July 2021) FCA webpage on UK MiFIR data reporting and LIBOR transition​
  
• (9 July 2021) FCA statement on supervision of commodity position limits
• (19 March 2021) Supervisory flexibility on RTS 27 reports and 10% depreciation notifications - temporary measures in place until the end of 2021​
• (9 March 2021) FCA publishes annual transparency calculations for UK equity and equity-like financial instruments under UK MiFIR​
• (2 February 2021) FCA updated statement on the operation of the MiFID markets regime on the trading of Swiss shares​
• (31 December 2020) FCA statement on use of the Temporary Transitional Power (TTP) to modify the UK’s derivatives trading obligation (DTO)
  
• (4 December 2020) MiFID reporting after the Brexit transition period
• (2 December 2020) FCA adds STO transitional direction and explanatory note to its STO webpage​
• (4 November 2020) FCA statement on the share trading obligation (STO) | Press release​
• (​1 October 2020) Statement on ​MiFID trade reporting and position limit obligations​
• (August 2020) Market Watch 64 - Brexit and MiFID transaction reporting
• (8 November 2019) Statement on MiFID II inducements and research
• (19 September 2019) Implementing MiFID II - multi-firm review of research unbundling reforms | press release
• (13 March 2019) Statement on various MiFID obligations and benchmarks regulation if the UK leaves the EU without an implementation period​​ in response to ESMA statemen​​t dated ​7 March 2019​
• (14 June 2018) FCA list of cooperation agreements on outsourcing of portfolio management
• The FCA's Applications and notifications webpage sets out guidance on applications and notifications under MiFID2 alongside the general guidance note on the authorisation process, forms and prudential categories for first time applicants, and information on varying the scope of permissions for existing investment firms. 
• On 19 December 2016 the FCA wrote to UK market operators and UK investment firms operating trading venues regarding pre-trade transparency waivers. A joint statement between ESMA and NCAs published 28 September 2017 set out agreed procedures for opinions on MiFID II pre-trade transparency waivers and position limits
• (1 August 2017) Occasional Paper No. 29: Aggregate market quality implications of dark trading

Prudential Regulation Authority (PRA)

Policy statements

• (28 April 2017) Implementation of MiFID II: Part 2 (PS9/17)
• (16 October 2016) MiFID II: Response to CP9/16 (PS29/16)

Consultations

• (25 November 2016) Second consultation (CP43/16) on implementation of MiFID2 covering new rules on the management body and organisational requirements, granting authorisations and other consequential amendments | press release
• (24 March 2016) First consultation (CP9/16) on implementation of MiFID2, covering passporting and algorithmic trading

London Stock Exchange

• (13 October 2017) Requirement for issuer LEI codes
• (31 July 2017) Consultation on the amendments to the Rules of the London Stock Exchange in preparation for MiFID2 and general rulebook review | Revised rules mark-up | Cross-referencing tracker tool

Insights on MiFID2 and MiFIR - call recordings

If you are on Internet Explorer and are experiencing access issues with one of these recordings, please either try another browser or contact Bronwen Williams for a link.

Insights on MiFID Review

• (19 November 2020) Insights on MiFID Review: Investor protection and product governance 
• (11 November 2020) Insights on MiFID Review: Transparency, transaction reporting and other market developments
• (4 November 2020) Overview of the MiFID Review, Quick Fix Proposals and Brexit implications

Insights on MiFID2

• (December 2017) Extraterritorial impact of MiFID2 implementation on Asia: Position limits - harmonisation, monitoring and reporting
• (September 2017) MiFID2 for Asian financial institutions: best execution
• (June 2017) Insights on MiFID2 for US financial institutions
• (May 2017) Capital Markets Insights – MiFID2
• (April 2017) Insights for Asset Managers – repapering MiFID2 – facing up to the challenge
• (March 2017) MiFID2 for Asia – Private Banks
• (March 2017) MiFID2 for Asia – Asset Managers and Funds
• (March 2017) MiFID2 for Asia – Financial Institutions
• (April 2016) Algorithmic trading
• (March 2016) Transparency
• (March 2016) Conduct of Business
• (February 2016) Product Manufacturing and Distribution
• (January 2016) Commodities
• (December 2015) Research and Inducements
• (December 2015) Trade execution models
• (November 2015) Transaction reporting

Insights for asset managers

• (November 2017) Implementing MiFID2 requirements on research unbundling 
• (October 2017) Broker and distributor documentation

Insights for derivatives

• (October 2017) The requirement for mandatory tra​ding of derivatives under MiFID2
• (June 2017) MiFID2: What do derivative lawyers need to know? (3 of 3)
• (June 2017) MiFID2: what do derivatives lawyers need to know? (2 of 3)
• (May 2017) MiFID2: what do derivatives lawyers need to know (1 of 3)

Clifford Chance presentations

• (December 2021) EU MiFID Review - the MiFIR2/MiFID3 legislative proposals, including a comparison with the UK's Wholesale Markets Review proposals - slides
• (May 2018) MiFID2 product governance and PRIIPS – manufacturing uncertainty?​​ (video)​ | ​Simon Crown, Julia Machin, Diego Ballon Ossio​​
• (June 2017) Electronic Trading Requirements: EU v. US Regulations - slides | Chris Bates
• (May 2017) The impact of MIFID2 on Asian financial institutions - slides
• (April 2016) Extraterritorial impact of EU regulation - slides | Chris Bates, Habib Motani and Caroline Dawson
• (March 2016) MiFID2/MiFIR Regulatory Update - slides | Chris Bates
• (March 2016) MiFID2/MiFIR for Capital Markets: Product Governance, Conflicts of Interest and Order execution in the Primary Market - slides | Frank Graaf and Robert Smits
• (January 2016) Market Structure under MiFID2/MiFIR - slides | Chris Bates at the Infoline MiFID 2 Implementation conference 
• (December 2015) MiFID2: Update and impact on the U.S. market - slides | Nick O'Neill
• (June 2015) Recent EU regulatory reform and how this impacts Asia-Pacific - slides | Chris Bates
• (June 2015) MiFID2 for Asset Managers - slides | Simon Crown, Monica Sah, Kikun Alo, Peter Chapman, Caroline Dawson, Owen Lysak, Charles Morris, Stephanie Peacock and Will Winterton 
• (May 2015) MiFID2-MiFIR - systematic internalisation of OTC derivatives - slides | Chris Bates, Caroline Dawson and Stephanie Peacock
• (March 2015) EMIR and MiFID2/MiFIR: When is an entity a member of a “group”? - slides | Chris Bates
• (March 2015) MiFID2/R: Commodity Derivatives - slides | Chris Bates, Stephanie Peacock
• (January 2015) MiFID2/MiFIR – the new framework for derivatives - slides | Chris Bates at the Infoline MiFID 2 Update conference
• (December 2014) MiFID2/MiFIR issues for asset managers - slides | Monica Sah and Stephanie Peacock
• (November 2014) MiFID2 and MiFIR – moving to the next level - slides | Chris Bates, Simon Crown, Simon Gleeson, Monica Sah and panel discussion | Video
• (June 2014) MiFID2 and MiFIR: The next phase of regulatory reform: helping you prepare - slides | Chris Bates, Peter Chapman, Simon Crown, Simon Gleeson, Owen Lysak, Caroline Meinertz, Monica Sah and Will Winterton including panel discussion | Video
• (May 2014) MiFID2/MiFIR – the new framework for derivatives - slides | Chris Bates to The 2014 European Practitioners Forum on MiFID2 organised by Infoline 
• (February 2014) MiFID2/MiFIR Seminar - What you need to know now - slides | Chris Bates, Monica Sah, Simon Gleeson, Caroline Meinertz, Simon Crown, Caroline Dawson and Owen Lysak | Video
• (April 2013) Extraterritorial EU legislation - slides (including MiFID) | Chris Bates and Caroline Dawson
• (September 2012) Distribution rules and the Markets in Financial Instruments Directive - slides | Chris Bates, Habib Motani, Marc Benzler and Caroline Dawson

• (December 2021) EU MiFID Review: the MiFIR2/MiFID3 legislative proposals | MiFIR2 redline | MiFID3 redline
• (July 2021) FCA's new MIFIDPRU Remuneration Code for investment firms (UK)​
• (March 2021) MiFID quick fix and what's next for the MiFID2 review
• (June 2020) Technical Briefing: What the MiFIR third-country regime means for UK-EU cross-border services​​ - prepared in collaboration with UK Finance
• (March 2017) MiFID2 for Asia Pacific
• (March 2017) MiFID2 – the impact on non-EU firms
• (February 2017) The regime for third country firms under MiFID2/MiFIR - The outlook from Spain
• (December 2016) MiFID2 – UK implementation update
• (June 2016) MiFID II & IDD: The impact on insurance based investment ('IBI') products
• (September 2015) Comparison of EU and U.S. trading obligations and trading venues for OTC derivatives - CC/ISDA paper
• (August 2015) EMIR and MiFID2/MiFIR: Update on recognition procedures for non-EU markets and CCPs
• (August 2015) EU regulation on securities financing transactions - new rules on reuse of collateral
• (February 2015) The new EU transaction reporting regimes: Comparing MiFIR, MiFID1, EMIR, REMIT and SFTR
• (October 2014) MiFID2 for Asset Managers and Private Banks
• (June 2014) MiFID2 and MiFIR - what you need to know
• (June 2014) MiFID2 and MiFIR – expected timeline
• (March 2014) EMIR and MiFIR - Opening up silos
• (September 2012) Comparison of EU and U.S. trading obligations and trading venues for OTC derivatives - CC/ISDA slides

European Commission webpage on MiFID2 implementation in Member States

European Securities and Markets Authority (ESMA) - MiFID2 page 

Financial Conduct Authority (FCA) - MiFID2 page