The requirements of Directive 2014/65/EU and Regulation (EU) No 600/2014 on markets in financial instruments (collectively MiFID II) are set to apply from 3 January 2018. The implementation of MiFID II will have a significant impact on the European investment funds industry, but will also impact many fund managers operating in markets outside of the EU. With the deadline fast approaching, both EU and non-EU fund managers should be considering what impact, if any, MiFID II will have on their business from 3 January 2018, for example EU brokers / counterparties may require the re-negotiation of certain terms to address new requirements under MiFID II, such as changes around soft dollar arrangements.