MiFID II - Markets in Financial Instruments Directive

On 15 May 2014, the European Union adopted Directive 2014/65/EU (Markets in Financial Instruments Directive II – MiFID II) and Regulation (EU) No 600/2014 (MiFIR), which, in conjunction with their delegated acts, are jointly referred to as the ‘MiFID II framework’, with effect from 3 January 2018.

The MiFID II framework aims to enhance the efficiency, resilience and integrity of financial markets, in particular by:

• achieving greater transparency;
• attracting more trading to regulated trading venues;
• fulfilling of the Union commitments in the context of G20 regarding derivatives;
• facilitating access to funds for SMEs;
• enhancing investor protection;
• monitoring of technological developments;
• introducing provisions for impartial access to trade services and trade completion in the trading of financial instruments, in particular for financial derivatives;
• strengthening and harmonizing the sanctions as well as ensuring an effective cooperation between the relevant competent authorities.