MiFID II: A Summary

You would have had to be living in a very remote, dark cave to have missed the spectre of MiFID II (to give it its full name: the second Markets in Financial Instruments Directive ("MiFID II")) over the past 12 months. However, notwithstanding the numerous column inches penned on the subject, many people are still left asking what MiFID II is really all about and, more importantly, whether it will have an impact on their business. The answer to the latter question, if your business involves the distribution and trading of financial instruments in the EU, is highly likely to be answered in the affirmative and this note aims to provide a concise explanation in respect of the former.

MiFID II and the accompanying Regulation on Markets in Financial Instruments and Amending Regulation ("MiFIR") are both pieces of legislation (often referred to without distinction simply as "MiFID II") originating from the European Commission and; together, seek to provide a European-wide