The purpose of this briefing is to update you on developments in
relation to MiFID II, which is expected to be implemented across
the EEA in 2016.
The Markets in Financial Instruments Directive (2004/39/EC)
(MiFID) came into force on 1 November 2007 and was implemented in
Ireland through the European Communities (Markets in Financial
Instruments) Regulations 2007 (the MiFID Regulations).
MiFID was subject to a mandatory post-implementation review and
the European Commission (the Commission) published a paper
consulting on amendments to MiFID in December 2010. On 20 October
2011, following the consultation, the Commission published draft
legislative proposals in the form of a draft directive dealing
with, inter alia, investor protection, authorisation and
organisation of trading venues (the Directive) and a draft
regulation dealing with, inter alia, transparency and access to
trading venues (the Regulation), together referred to as
"MiFID II".
