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MiFID/MiFIR II

The new Markets in Financial Instruments Directive (MiFID II) defines specific requirements for the provision of investment services and the organisational structure of investment firms. Furthermore, the directive also contains rules about the organisational requirements for trading venues, on the authorisation and ongoing obligations for providers of information services, on the powers of the competent authorities as well as the sanction requirements in the event of contravention of the new provisions. The new Directive will apply from 3 January 2018.

In the Markets in Financial Instruments Regulation, requirements in relation to the disclosure of trading transparency data and the reporting of business information to the competent authorities are defined, while barriers are also remove that had hitherto prevented discrimination-free access to clearing facilities. In order to increase transparency in the derivatives markets rules are also being introduced, for the purpose of relocating a large proportion of derivative trading to organised trading venues as well as specific supervisory measures being defined in relation to financial instruments and derivative positions. The Regulation applies from 3 January 2018.