Inside this Topic Guide
The recast Markets in Financial Instruments Directive (2014/65/EU) (MiFID2) and Markets in Financial Instruments Regulation (MiFIR) set out a harmonised EU framework for the regulation of investment services and activities. MiFID2 and MiFIR set out a licensing and passporting regime for EEA investment firms and conduct of business requirements applicable to firms (including investment firms, credit institutions and fund managers) providing investment services and activities in the EEA. They also regulate trading venues and data reporting service providers.
Although the original Markets in Financial Instruments Directive 2004/39/EC (MiFID1) was widely regarded to have successfully achieved its main objectives (by increasing investor protection and competition), the vulnerability of financial markets after the financial crisis and the significant market developments since the implementation of MiFID1 in 2007 prompted further reforms introduced under MiFID2 and MiFIR.
The key changes introduced by MiFID2 and MiFIR include:
- an overhaul of market structure, including the introduction of a new multilateral, discretionary trading venue for non-equities, the Organised Trading Facility (OTF);
- increased transparency and transaction reporting requirements;
- equities and derivatives trading obligations;
- heightened conduct of business requirements and supervisory enforcement powers;
- much greater regulation of commodities business including position limits and reporting; and
- new rules for "third country" (i.e. non-EU) firms accessing EU markets.
|Status:||MiFID2 and MiFIR were published in the Official Journal of the European Union on 12 June 2014. Originally scheduled to apply from 3 January 2017, their implementation was delayed by one year to 3 January 2018. The two delegated Regulations and one delegated Directive required under MiFID2/MiFIR were published in the Official Journal on 31 March 2017 and entered into force on 20 April 2017.
MiFID2 was required to be transposed into national law by 3 July 2017. Member States required to apply the measures from 3 January 2018 except for provisions transposing Article 65(2) on consolidated tape providers which will apply from 3 September 2019. MiFIR and most provisions of the Delegated Regulations, regulatory technical standards (RTS) and implementing technical standards (ITS) apply from 3 January 2018. The status of the RTS and ITS is indicated in the Technical Standards table in the Legislation: Level 1 and Level 2 section below.
The Investment Firms Directive (Directive (EU) 2019/2034) and Investment Firms Regulation (Regulation (EU) 2019/2033) will introduce changes to the third country access provisions under MiFID2 and MiFIR, from June 2021.
On 24 July 2020, the Commission published MiFID2 quick fix proposals (amending both level 1 and level 2 texts) as part its Capital Markets Recovery Package in response to the COVID-19 pandemic. The proposals cover investor protection, commodity derivatives and research.
|Maria Luisa Alonso (Madrid)||Simon Crown (London)|
|Chris Bates (London)||Caroline Dawson (London)|
|Marc Benzler (Frankfurt)||Simon Gleeson (London)|
|Anna Biala (Warsaw)||Frédérick Lacroix (Paris)|
|Lucio Bonavitacola (Milan)||Caroline Meinertz (London)|
|Peter Chapman (London)||Monica Sah (London)|
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Background materials / German Ministry of Finance consultation
- (27 August 2019) BMF position papers on MiFID2, the PRIIPs Regulation and MiFIR forwarded to the European Commission:
- (8 January 2019) German Federal Ministry of Finance (BMF) consultation on MiFID2/MiFIR (in German) - closed 15 March 2019
- (17 February 2020) 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).
- For more information on the MiFID Quick Fix legislation, see the 'Legislation, regulation and official documentation' section above
- (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
||Functioning of OTFs
||(25 September 2020) Consultation paper on the functioning of organised trading facilities - closes 25 November 2020 | Press release
||Report expected: March 2021|
||Regime for SME growth markets
NB. Changes proposed as part of 'quick fix'
|(6 May 2020) Consultation on the functioning of the regime for SME Growth Markets under MiFID and on the amendments to MAR for the promotion of the use of SME Growth Markets | Press release
||Report expected: December 2020
||Impact of algorithmic trading requirements
||Report expected: December 2020
||Experience with the mechanism for banning certain products or practices
NB. ESMA ceased renewal of product intervention powers in July 2019
|(30 September 2019) Call for evidence on the effects of product intervention measures regarding CFDs and binary options | Press release
||No formal report issued
||Application of sanctions
||Report expected: March 2021
||Commodity derivatives position limits / management
NB. Priority area identified in 2020 Commission consultation; changes proposed as part of 'quick fix'
|(5 November 2019) Consultation paper on MiFID2 review report on position limits and position management, and Draft Technical Advice on weekly position reports | Press release
||(1 April 2020) MiFID2 Review report on position limits and position management | Press release
||Development of prices for pre- and post-trade transparency data
||(12 July 2019) Consultation paper on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments | Consultation webpage
||(5 December 2019) Review Report on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments | Press release
|Impact of inducements and costs and charges disclosure requirements
NB. Priority area identified in 2020 Commission consultation; changes proposed as part of 'quick fix'
|(17 July 2019) Call for evidence on impact of inducements and costs and charges disclosure requirements | Webpage
||(31 March 2020) Technical advice to the EU Commission on the impact of the inducements and costs and charges disclosure requirements | Press release
NB. Priority area identified in 2020 Commission consultation
|(12 July 2019) Consultation paper on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments | Consultation webpage - covered in the same consultation as for Article 90(1)(g) mandate with respect to equity instruments
||(9 October 2020) Study on the Creation of an EU Consolidated Tape - prepared by Market Structure Partners for the EU Commission
(5 December 2019) Review Report on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments | Press release
ESMA expected to consult and report with respect of non-equity instruments by March 2021
||C6 energy derivatives contracts and the clearing obligation
||No public consultation
||(26 January 2020) Report on C6 energy derivatives contracts and the EMIR requirements | Press release
||Systematic internalisers in non-equity instruments
||(3 February 2020) Consultation paper on MiFIR report on systematic internalisers in non-equity instruments | Press release
||(16 July 2020) MiFIR report on systematic internalisers in non-equity instruments
||Impact of the transparency obligations including volume cap mechanism
||(10 March 2020) Consultation on the transparency regime for non-equity instruments and the trading obligation for derivatives | Press release
(4 February 2020) Consultation on the transparency regime for equity and equity-like instruments, the DVC and the trading obligations for shares | Press release
|(25 September 2020) Review Report on the transparency regime for non-equity instruments and the trading obligation for derivatives | Press release
(16 July 2020) Review Report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares
||Functioning of Article 26 transaction reporting requirements
||(24 September 2020) Consultation paper on the obligations to report transactions and reference data | Press release
||Report expected: Q1 2021
||Reducing information asymmetries between market participants
||Report expected: March 2021 (as for consolidated tape)
|Article 52(6)||Progress on the DTO||(10 March 2020) Consultation on the transparency regime for non-equity instruments and the trading obligation for derivatives | Press release - covered in the same consultation as for Article 52(1)-(3) mandate with respect to non-equity instruments||(25 September 2020) Review Report on the transparency regime for non-equity instruments and the trading obligation for derivatives | Press release - covered in the same report as for Article 52(1)-(3) mandate with respect to non-equity instruments|
||Development in prices for pre-trade and post-trade transparency data from venues and DRSPs
||(12 July 2019) Consultation paper on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments | Consultation webpage - covered in the same consultation as for Article 90(1)(g) MiFID2 mandate with respect to equity instruments
||(5 December 2019) Review Report on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments | Press release - covered in the same report as for Article 90(1)(g) MiFID2 mandate with respect to equity instruments
||Interoperability provisions in Article 36 MiFIR and Article 8 EMIR
||Report expected: January 2022|
||FMI access requirements in Articles 35-37 MiFIR and Articles 7 and 8 of EMIR
||Report expected:January 2022|
||Exemption from Article 35 and 36 open access requirements for newly established CCPs
||Report expected: January 2022|
||Whether the threshold at Article 36(5) MiFIR remains appropriate
||Report expected: January 2022|
|RTS 1 and 2
||Implementing measures for the transparency regime
||(1 September 2020) Call for evidence on RTS 1 and 2 review - closes 31 October 2020
Formal consultation expected Q1 2021
Third country regimes in the context of UK withdrawal from EU
- (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:
- (14 February 2017) ESMA writes to European Commission on systematic internalisers operating broker crossing networks | Press release
Temporary exemption for exchange traded derivatives (ETDs)
- (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)
- (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
- (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
- (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
- (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
- 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
Statutory amendments arising from Brexit
The UK left the EU at 11.00 p.m. on 31 January 2020 on the terms of the Withdrawal Agreement agreed between the UK and the EU. The Withdrawal Agreement provides that the UK's departure from the EU is followed by a transition period during which the UK will remain subject to EU law (including new laws coming into force during the transition period) and participate in the EU's single market and customs union. This transition period is due to end at 11.00 p.m. on 31 December 2020.
The European Union (Withdrawal) Act 2018 (EUWA), as amended by the European Union (Withdrawal Agreement) Act 2020 (WAA), provides for domestication of most EU law at the end of the transition period. The EUWA also grants powers to the UK government to correct deficiencies in this "retained EU law" arising from the UK's withdrawal from the EU, including in connection with the end of the transition period or other effects of the Withdrawal Agreement. This is to ensure that the UK has a functioning statute book at the end of the transition period.
The UK government has published various statutory instruments in exercise of these powers, which were originally granted in the context of the UK's contingency planning for a 'no deal' Brexit. These include:
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.
Under the WAA these now come into force at the end of the transition period (on 'IP completion day' instead of on 'exit day'). The UK government is expected to publish further statutory instruments during the course of 2020.
The FCA is expected to use powers delegated to it under the EUWA to remedy deficiencies in the technical standards under MiFID2/MiFIR and its own rules that will result from the end of the transition period. The FCA published near-final instruments under these powers to address a 'no-deal' Brexit in 2019. See PS19/5: Brexit Policy Statement. It is also expected to use the temporary transitional power (TTP) delegated to it under the EUWA to mitigate other impacts of the end of the transition period, including in relation to MiFID2/MiFIR. See Updates to the FCA’s directions under the Temporary Transitional Power (December 2019) for information on the proposals made before the UK left the EU.
On 23 June 2020, the FCA published a discussion paper on a new UK prudential regime for MiFID investment firms.
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.
HM Treasury (HMT)
(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
Financial Conduct Authority (FCA)
Policy and supervisory statements
- (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
- (23 June 2020) Discussion Paper: A new UK prudential regime for MiFID investment firms | Webpage | Press release
- (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
- (4 November 2020) FCA statement on the share trading obligation | 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 statement 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)
- (28 April 2017) Implementation of MiFID II: Part 2 (PS9/17)
- (16 October 2016) MiFID II: Response to CP9/16 (PS29/16)
- (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
Insights on MiFID2 and MiFIR - call recordings
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Insights on MiFID Review
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 trading 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)
MiFID seminar series
- MiFID seminar series homepage
- (December 2015) MiFID2 transparency rules for bonds and derivatives
- (August 2015) Telephone recording under MiFID2
- (August 2015) MiFID2 implementation challenges
- (August 2015) MiFID2 for asset managers
- (August 2015) MiFID2 best execution
Clifford Chance presentations
- (May 2018) MiFID2 product governance and PRIIPS – manufacturing uncertainty? | 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
- (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