The European Commission published on 20th October 2011 its legislative proposals relating to its review of both the Markets in Financial Instruments Directive (MiFID) and the Market Abuse Directive (MAD).
Some of the proposals reflect G20 commitments to reform market structures in the wake of the financial crisis. However, there are a host of other proposals that go well beyond what has been agreed internationally. The measures reflect the continuing trend of the regulatory authorities to demand more information and transparency from firms, and to have more effective powers of intervention in the markets and the day-to-day running of firms.
We have produced a brief analysis on each of the revised Directives, summarising the major new issues and the potential impact they will have. Click here to read the report on MiFID II and here for the report on MAD II.