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ARTICLE · 21 JULY 2014

MIFID II

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On June 12th 2014 the Directive 2014/65/EU on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation No 600/2014

European UnionFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

On June 12th 2014 the Directive 2014/65/EU on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation No 600/2014 on Markets in Financial Instruments (together "MiFID II") have been published in the Official Journal of the European Union. Member States have two years to transpose the new rules which will be applicable from January 2017.

In respect of the "level 2" legislation, on May 22nd 2014, ESMA published two consultation papers: (i) a consultation paper relating to technical advice to be provided by ESMA in respect of investor protection, transparency, data publication, trading venue requirements, commodity derivatives and portfolio compression, and (ii) a discussion paper dealing with technical standards to be developed by ESMA relating to investor protection, transparency, data publication, trading venue requirements, commodity derivatives, organisational requirements for investment firms and trading venues, market data reporting and

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