After years of political debate, the recast Markets in Financial Instruments Directive and its companion legislation, the Markets in Financial Instruments Regulation (together known as MiFID 2), were finalized in 2014. MiFID 2 aims not only to update the original Markets in Financial Instruments Directive but to tackle the perceived causes of the recent financial crisis. When it takes effect in January 2017, MiFID 2 will impose major changes on the way that both EU and non-EU firms engage in financial services activities in the EU. Before MiFID 2 can take effect, however, secondary legislation must be agreed upon, and August 2014 saw the close of the first round of consultations covering more than 800 pages of proposals, and almost 900 specific consultation questions. The lead-up to the application of MiFID 2 presents firms with valuable time to prepare for its implementation and a further opportunity to respond to a consultation and possibly influence the legislation. In the wake of the first consultation, partners Dr. Jochen Seitz of our Frankfurt office and Mark Compton of our London office discuss the current state of MiFID 2 and some of its most recent key proposals.
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