The Markets in Financial Instruments Directive (MiFID) was applied in the UK from 1 November 2007. It is now being revised to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection. It will be known as MiFID II.
The European Securities and Markets Authority (ESMA) has now published drafts of nearly all its proposed Regulatory Technical Standards covering a wide range of issues. As a result, the breadth and impact of MiFID II on investment firms and participants in financial markets is becoming clearer. The changes are wide ranging and are likely to have a big impact both on regulatory obligations of firms and on market liquidity and practices in relation to a wide range of financial instruments.
DLA Piper has in place an experienced cross border, multi-disciplinary team, available to assist organisations in navigating the MiFID II legislation and ensuring compliance.
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