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MiFID II - a step closer to reality

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18 June 2014

Significant changes have been made to the European Commission’s original proposals

The European Commission (EC) adopted proposals for a recast Markets in Financial Instruments Directive (MiFID II) and a new regulation (MiFIR) in October 2011 following a review of the operation of MiFID (Directive 2004/39/EC) since its implementation in November 2007. MiFID II and MiFIR were published in the Official Journal of the European Union (OJ) on 12 June 2014 and will enter into force on 2 July 2014. MiFID II must be implemented 30 months after its entry force (3 January 2017) and MiFIR will take effect at the same time (although, in each case, subject to various transitional provisions).

Allen & Overy’s Financial Services Regulatory team  has produced a client update on the changes: MiFID II – where are we now?

The team will be publishing a series of MiFID II eAlerts analysing key areas of change including:

•             Third country firms’ access;

•             High frequency trading and direct electronic access;

•             OTFs and the systematic internaliser (SI) regime;

•             Pre- and post-trade transparency requirements;

•             On-market trading obligations;

•             CCP and trading venue non-discriminatory access; and

•             Investor protection.