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MiFID II / MIFIR regulation

On 7 June 2016, the deferral of the effective date of the MIFID 2 and the MIFIR by one year was officially adopted in Parliament plenary session, date which is now set for 3 January 2018.

On 7 June 2016, the deferral of the effective date of the MIFID 2 and the MIFIR by one year was officially adopted in Parliament plenary session, date which is now set for 3 January 2018. In the meantime, the European Commission has adopted several delegated acts constituting level 2 measures of these two texts, as follows:

  • With regard to MIFID2, a delegated directive (on 7 April 2016) relative notably to the safeguarding of assets belonging to clients, product governance obligations, and monetary and non-monetary benefits, together with a delegated regulation (on 25 April 2016) with its principal component being the decision of the Commission to extend the application of the rules of governance and declaration of products to clients, UCITS management companies, and alternative investment fund managers.
  • With regard to MIFIR, a delegated regulation (on 16 May 2016) relative to the rules for determining liquidity for equity instruments.

Between May and July 2016, the European Commission moreover adopted 30 Technical Standards (29 RTS and 1 ITS) under other level 2 measures. The Regulatory Technical Standards related principally to the organisational requirements applicable to trading platforms, the transparency rules applicable to these trading platforms and investment firms, and the requirements for reporting to the regulators. The Implementing Technical Standard (ITS19) related to the operation of the MTF and OTF platforms.