Mifid II impacts Irish investment firms (including brokers,
asset managers, wealth managers and corporate advisory firms),
market operators, data reporting service providers, trading venues
and banks operate Mifid investment services. Mifid II was
implemented into Irish law by the Markets in Financial Instruments
Regulations (SI 375 of 2017) (Mifid II Regulations). As a result of
Brexit contingency planning for a number of both EU and non-EU
headquartered firms, Ireland has recently seen an influx in newly
authorised Mifid firms and management companies using a Mifid
top-up licence.
Mifid II has indirectly impacted the asset management industry.
Undertakings for collective investment in transferable securities
(Ucits), management companies (Mancos) and alternative investment
fund managers (AIFMs) that are not authorised to carry out Mifid
investment services, are now required to comply with certain Mifid
II outsourcing provisions in the context of sub-delegation.
