On June 13, the European Council finally reached agreement on MiFID II, the package that amends the Markets and Financial Instruments Directive and creates a new Markets and Financial Instruments Regulation. The aim of MiFID II seems clear: to reduce systemic risk, strengthen financial stability by ensuring maximum transparency in markets and ensure robust levels of investor protection. Despite these important aims, it took the Council some time to reach agreement: the Commission proposed the new legislation on October 20, 2011 and the European Parliament agreed its position on October 26, 2012. And we still do not have a text on which all three EU institutions can agree. The Parliament hopes that they can reach agreement in December 2013 but, given the laborious progress to date, is that a forlorn hope?
Join Mark Compton and Alexandria Carr from our London office, as they explain what happens next, what the EU institutions are arguing about and the potential impact of MiFID II on all those operating in the financial services sector in the European Union.
For additional information, please contact GFMI@mayerbrown.com.
Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.