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ARTICLE · 29 JUNE 2017

MiFID II For Non-EU Fund Managers

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The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018.

United StatesFinance and Banking
Thomas Donegan
Thomas Donegan
John Adams
John Adams
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The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. New rules on trading inducements, research, best execution, market transparency and the regulation of algorithmic trading are some of the key areas where a non-EU fund manager may find that it is impacted, directly or indirectly. Non-EU fund managers should consider how these new requirements will affect how they do business in the EU or with EU counterparties from the start of next year.

Introduction

The MiFID II package is made up of a revised Markets in Financial Instruments Directive II,[1] the new Markets in Financial Instruments Regulation[2] and supplementary secondary legislation and guidance. These will replace the existing directive and its implementing legislation ("MiFID I")[3] from January 3, 2018 (the effective date for the new rules).

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