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ARTICLE · 23 NOVEMBER 2017

MiFID II – State Of Play

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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On Jan. 3, 2018, the long-anticipated overhaul of European Union (EU) financial markets legislation will come into effect.

GlobalFinance and Banking
Fabien Carruzzo
Fabien Carruzzo
Daniel King
Daniel King
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On Jan. 3, 2018, the long-anticipated overhaul of European Union (EU) financial markets legislation will come into effect. The second Markets in Financial Instruments Directive (MiFID II) will broaden the scope of EU regulatory coverage and have significant impacts on the trading environment for a wide variety of counterparties. For the purposes of this article, we will focus on U.S. firms trading in the EU, either through interactions with EU-regulated entities such as direct electronic access providers or through products traded on EU trading venues.

Increased Scope

One of the more significant aspects of MiFID II is its extended scope. In particular, certain additional products will now fall within its scope and therefore attract additional regulatory treatment, including, but not limited to, reporting, transparency and requirements exported to other EU legislative regimes by virtue of being within the scope of MiFID II.

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