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ARTICLE · 19 DECEMBER 2014

ESMA Releases Level 2 Regulations Under MiFID II

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The European Securities and Markets Authority ("ESMA") published today an important new set of rules under the revised Markets in Financial Instruments Directive ("MiFID II"). MiFID II came into force on 2 July 2014.

European UnionFinance and Banking
Michelle Moran
Michelle Moran
John Young
John Young
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The European Securities and Markets Authority ("ESMA") published today an important new set of rules under the revised Markets in Financial Instruments Directive ("MiFID II"). MiFID II came into force on 2 July 2014. It will not have effect until 3 January 2017, reflecting the period granted to European Union member states to transpose its provisions into national law and for production of the associated "Level 2" rules. 

ESMA published today:

  • its final "technical advice" on various topics covered by "regulatory technical standards", following its six-month consultation on these topics. The regulatory technical standards are a form of Level 2 legislation (subsidiary to the Directive) that ESMA is responsible for drafting and comprise rules on numerous detailed matters that are covered at a high level in the Directive. 

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