MiFID / MiFID II
MiFID II/MiFIR introduces changes that will have a large impact on the EU’s financial markets, these include transparency requirements for a broader range of asset classes; the obligation to trade derivatives on-exchange; requirements on algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. It will also strengthen protection for retail investors through limits on the use of commissions; conditions for the provision of independent investment advice; stricter organisational requirements for product design and distribution; product intervention powers; and the disclosure of costs and charges.
Markets in Financial Instruments Directive (MiFID) II
Timeframe
| May to August 2014 | Public consultation on Discussion Paper (RTS and ITS) |
| May to August 2014 | Public consultation on Consultation Paper (Technical Advice for Delegated Acts) |
| 7/8 July 2014 |
Open hearings in Paris
|
| December 2014 to March 2015 | Public consultation on Consultation Paper (RTS and ITS) |
| December 2014 | Final Technical Advice for Delegated Acts submitted to the European Commission |
| December 2014 | Final RTS on Capital Requirements Regulation (CRR) |
| February 2015 | Additional public consultation covering certain derivative classes for non-equity transparency purposes |
| 19 February 2015 | Open Hearing on Secondary Markets and Investor Protection |
| Late spring/ early summer | Public consultation covering ITS and ESMA Guidelines mandated in MiFID II |
| June 2015 |
Final RTS submitted to the European Commission
|
| September 2015 | Final RTS submitted to the European Commission |
| December 2015 | Final ITS and Guidelines submitted to the European Commission |
| January 2017 | MiFID II applies in practice |
http://www.esma.europa.eu/page/Markets-Financial-Instruments-Directive-MiFID-II
These two consultation papers were published in Dec 2014.
I use them as my reference source.
Consultation paper on MiFID II/MiFIR - Part 1
http://www.esma.europa.eu/content/Consultation-paper-MiFID-IIMiFIR-part-1
Consultation paper on MiFID II/MiFIR - Annex B
http://www.esma.europa.eu/content/Consultation-paper-MiFID-IIMiFIR-Annex-B
What is changing?
Detailed outline at ESMA:
http://www.esma.europa.eu/page/MiFID-II-application
More generic outline at FCA:
https://www.fca.org.uk/firms/markets/international-markets/mifid-ii/what-is-changing
ARM-less?
https://www.bnymellon.com/us/en/our-thinking/mifid-ii-projected-impacts-and-timelines.jsp
...but as ever, context is the key. How MiFID II / MiFIR impacts you depends on your scope of business.
Sound ethics and a clear conscience are not enough. You need to be seen to be complying with all the various data requirements too.
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