Mifid II impacts Irish investment firms (such as brokers, asset
managers, wealth managers and corporate advisory firms), market
operators, data reporting service providers, trading venues and
banks carrying out Mifid investment services. Mifid II has been
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 with a Mifid
top-up licence.
Mifid II has indirectly impacted the asset management industry
as undertakings for collective investment in transferable
securities (Ucits), management companies (Mancos) and alternative
investment fund managers (AIFMs), not authorised to carry out
Mifid investment services are required to comply with certain Mifid
II outsourcing provisions in the context of sub-delegation.
