MiFID II

Recent Articles

  •  
    24/05/2024

    MiFID/MiFIR review: ESMA publishes series of consultation papers on transparency topics

    On 21 and 23 May 2024, the European Securities and Markets Authority (“ESMA”) published three consultation papers, as part of the ongoing MiFID/MiFIR review.The revised Markets in Financial Instruments Directive and Regulation (known as MiFID III/MiFIR II) came into force on 28 March 2024. The package was finalised amid widespread industry concern at the uncertainty created by apparent misalignments between the Level 1 text of MiFIR as amended, and the Level 2 text, which is yet to be updated, as well as other issues. On 27 and 28 March 2024 respectively, the EU Commission published...
    Read more
  •  
    10/04/2024

    FCA Consultation on Payment Optionality for Investment Research (CP24/7)

    On 10 April 2024, the FCA published a consultation on Payment Optionality for Investment Research (CP24/7). In the consultation, the FCA proposes a new option for asset managers when paying for investment research, in addition to existing options.  Under the current UK rules, which stem from the legacy EU MiFID II regime, there are two ways in which UK asset managers can currently pay for investment research: By agreeing a separate research charge with each of their clients, with the payment for research made from a Research Payment Account (the “RPA model”); and By paying...
    Read more
  •  
    12/03/2024

    Adoption of MiFID 3 and MiFIR 2 to enhance transparency on markets in financial instruments

    On 8 March 2024, Regulation 2024/791 amending Regulation (EU) No 600/2014 (MiFIR) and Directive 2024/790 amending Directive 2014/65/EU (MiFID 2) on markets in financial instruments were published in the Official Journal of the European Union.The Regulation aims at enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow.It introduces consolidated publication systems and pre-trade transparency obligations. Professional and retail investors have access to near-real-time trading data...
    Read more
  •  
    13/12/2023

    Finalisation of CRD6/CRR3 and the Article 21c third country branch requirement

    On 6 December 2023, the finalised texts of the EU banking package known as CRD61and CRR32 were published following the conclusion of negotiations between the EU co-legislators. In this article, we set out an overview of the latest developments and the next steps. We also explain the final compromise position on Article 21c of CRD6, which introduces a requirement for third country undertakings to establish a branch in the EU in order to provide core banking services, subject to certain exemptions.Latest developmentsOn 6 December 2023, the Council of the EU published the final compromise texts of...
    Read more
  •  
    06/07/2023

    FCA publishes final guidance on the UK trading venue perimeter: key issues for market participants

    On 5 July 2023, the Financial Conduct Authority (“FCA”) published a Policy Statement (PS23/11) on the final version of its new guidance on the UK regulatory perimeter with respect to trading venues. The guidance is in the form of questions and answers (Q&As), which will form part of the Perimeter Guidance manual in the FCA Handbook and will come into force on 9 October 2023. The aim of the guidance is to clarify the FCA’s interpretation of the definition of a “multilateral system”, which is the “trigger” for the need to be authorised as a trading venue...
    Read more
  •  
    05/05/2023

    FCA confirms changes to UK equity markets transparency regime and finalises implementation timetable

    In PS23/4: Improving Equity Secondary Markets, the Financial Conduct Authority (FCA) has confirmed a range of targeted changes to the UK’s post-trade transparency regime, pre-trade transparency waivers and tick size regime for equity instruments that it consulted on in July 2022. The introduction of the new designated reporter (DR) regime will also affect trading in non-equity instruments. The FCA also provides an update on potential further reforms to operational resilience standards for trading venues and the retail service provider model.Firms will be pleased to see that the FCA has listened...
    Read more