MiFID News

• Flash News: ESMA issues guidelines on target market assessment under MiFID II
  
  The Directive 2014/65/EU on markets in financial instruments ("MiFID II") has introduced product governance requirements to ensure that investment services firms that either manufacture or distribute financial instruments and structured deposits, act in the clients' best interests during all the stages of the life-cycle of products or services.
  June 2017

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• Flash News: The European Commission adopts the new rules on Collateral Exchange under EMIR
  
  The European Commission (EC) has endorsed the Regulatory Technical Standards (RTS) on Collateral Exchange on 4 October 2016. The exchange of initial and variation margins is phased-in over several years with an expected start in January 2017.
  October 2016

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• Flash News: MiFID II/MiFIR - Surfing the wave of level 2 measures!
  
  The dust now settles after the publication in the Official Journal of the EU on 30 June 2016 of the one-year delay for application of the MiFID II/MiFIR framework across the EU. This additional period creates favourable conditions for starting implementation projects while taking into consideration the level 2 measures issued on an ongoing basis. In this Flash News we provide you with the status of the various MiFID II/MiFIR level 2 measures as of 18 July 2016.
  July 2016

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• Flash News: MiFID II marathon - another milestone is reached!
  
  The European Commission (EC) has reached another milestone in the MiFID II marathon by issuing further Level 2 measures on 25 April 2016.
  May 2016

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• Flash News: MiFID II Delegated Directive published - More clarity on a complex matter!
  
  The first part of the long-awaited MiFID II Delegated Acts was at last published on 7 April 2016. The MiFID II Delegated Directive (MiFID II DD) brings most welcome clarity on some contentious investor protection issues, and confirms some key changes that firms need to accomplish in several important areas. The European Commission (EC) has opted to publish the secondary legislation in at least two tranches, a Directive with two regulations to follow.
  April 2016

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• Flash News: The European Commission proposes to delay the application date of the entire MiFID II/MiFIR package until January 2018
  
  The European Commission (EC) has proposed to postpone the entry into force of the overall MiFID II/MiFIR framework by one year, until 2 January 2018. A delay in parts has been openly discussed since end 2015, as it had become clear that the “data challenge” posed by certain MiFIR elements couldn’t be overcome within the initial timeframe.
  February 2016

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• Flash News: Potential delays for some parts of MiFID II/MiFIR
  
  ESMA announced on 10 November 2015 that it pleaded with the Commission to delay certain parts of MiFID II/MiFIR. The entire MIFID II/MiFIR framework was supposed to be applicable as of 3 January 2017. However, all the final Level 2 texts are still not ready. The Commission hasn’t yet endorsed the Final technical advice and the Final drafts of Regulatory and Implementing Technical Standards (RTS/ITS), submitted by ESMA in 2014 and 2015 respectively. ESMA has yet to prepare many others RTS/ITS in 2016.
  November 2015

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• Flash News: Access to European Union: the final MiFID II/MiFIR draft technical standard for third country firms released
  
  MiFID II and MiFIR set out a new framework for granting third country firms that provide investment services and activities access to the European Union (EU). On 29 June 2015, ESMA published a final report on the draft Regulatory Technical Standard (RTS) to specify what information third country firms intending to provide services to professional clients and eligible counterparties within the EU will have to communicate to ESMA in their application for registration.
  July 2015

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• ESMA releases MIFID II/MiFIR final draft RTS on "authorisation, passporting, registration of third country firms and cooperation within competent authorities"
  
  On 29 June 2015, ESMA published the final draft Regulatory Technical Standards on "authorisation, passporting, registration of third country firms and cooperation within competent authorities under MiFID II.
  July 2015

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• Press Article: MiFID II - A new regime and game changer
  
  On 15 April 2014, the Council of the European Union adopted the final texts of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). These texts will be applicable as from January 2017 and will replace the initial MiFID which has been into force since 2007.
  March 2015

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• Press Release: Transparency in the financial world - The Holy Grail is called MiFID II
  
  Being used to regulations of all kinds, financial players have made transparency a leitmotiv. The first version of the Directive on Markets in Financial Instruments (MiFID I), which entered into force in 2007, introduced rules around investments, which aimed to better protect investors and offer more transparency.
  March 2015

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  Version française: Transparence du monde financier : la quête du Graal s'appelle MiFID

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• Flash News: ESMA releases its Final Technical Advice on MiFID II/MiFIR
  
  On 19 December 2014, ESMA delivered its final Technical Advice (TA) regarding the implementation of MiFID II and MiFIR to the European Commission (EC) who will use it to prepare its delegated legislation. ESMA also launched a consultation on draft regulatory technical and implementing standards (RTS/ITS) covering mainly MiFIR topics.
  January 2015

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