Summary

The MiFID revision comprises a recast Directive (MiFID 2) and a new Regulation (MiFIR). The texts of MiFID 2 and MiFIR were agreed by the European Commission, Parliament and Council in February 2014. However, these level 1 texts will need to be supplemented by delegated and implementing acts and technical standards as required under the Directive and Regulation which will set out the detailed rules in a number of areas. This briefing gives an overview of the extension of scope of MiFID 2/MiFIR and is one in a series of five briefings dealing with:

  1. scope, 
  2. investor protection, 
  3. markets, 
  4. commodities and 
  5. third country.

Scope

This briefing gives an overview of the extension of scope of MiFID 2/MiFIR and is one in a series of five briefings dealing with (i) scope, (ii) investor protection, (iii) markets, (iv) commodities and (v) third country.

Investor Protection

This briefing sets out the position as at March 2014, but this is subject to change following the official translation of the agreed text and its publication in the Official Journal.

Markets

This briefing gives an overview of the markets changes including some of the most significant and contentious proposals for market participants.

Third country firms

This briefing gives an overview of third country access in the EU under MiFID II.

Commodity derivatives

This briefing gives an overview of the exemptions available for firms trading commodity derivatives and the regime for establishing position limits.