On 30 June 2014, ESMA published a guide for retail investors on the enhanced protection provisions included in the new Markets in Financial Instruments Regulation and Directive (together known as “MiFID II”). MiFID II has been published in the Official Journal of the European Union and will apply from 2017. Supplementary standards and guidance are still due to be produced to flesh out much of the primary legislation. The Level 2 regulations were recently published for consultation. ESMA’s guidance provides an overview of the changes coming for investors in financial instruments covering, inducements, disclosure  obligations of investment firms, product governance, safeguarding client assets  and transparency.

ESMA’s guidance is available at: http://www.esma.europa.eu/news/ESMA- publishes-retail-investor-guide-MiFID-II?t=326&o=home.