To support Asset Managers with MiFID II Challenges, we have put together a quick update to cover all questions regarding the changes.
MiFID in a nutshell
The ‘Markets in Financial Instruments Directive’ came into force in 2007 (“MiFID I”).
- Its primary goals were to foster harmonized functioning of financial markets, increase competition between new categories of trading venues and enhance Investor protection.
- As an EU Directive, it required transposition into national laws with the option to raise standards locally.
- Following the global financial crisis, the European Commission reviewed the MiFID framework and issued the MiFID II law and the MiFIR:
- “MiFID II” refers to a revision of the Directive effective from January 2018 through national laws;
- The Markets in Financial Instruments Regulation (MiFIR) is the actual Regulation that will be directly effective without national transposition. This will ensure that a “maximum harmonization” framework is implemented.
- The Directive and Regulation now have fewer exemptions and the original scope of the MiFID has been expanded to cover a larger group of companies and financial products.
Click Here to read the full online brochure explaining the directive and how it might effect your fund.
