Hogan Lovells

MiFID II Toolkit


Our interactive tool provides a detailed view on all European and UK legal provisions relating to MiFID II and MiFIR, together with latest news and insight from the Hogan Lovells Team.

Topic Overview

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Market infrastructure

The new rules relating to market infrastructure contained in MiFID II are extensive and wide-ranging, capturing new kinds of trading platforms, introducing tighter governance requirements for trading venues, and subjecting more firms to the "systemic internaliser" regime, amongst other things.

Algorithmic trading and direct electronic access

MiFID II contains the European Union's response to the rapidly evolving universe of electronic trading. Firms who engage in algorithmic trading, will see their business being subjected to major changes when MiFID II comes into force.

Commodity derivatives

MiFID II introduces changes that will impact all those trading commodity derivatives includng moving over-the-counter (OTC) derivatives onto exchanges; tough new restrictions on trading activity; and new reporting standards.

Data reporting services

When MiFID II comes into force the business of firms who provide data reporting services will fundamentally change.  Data will be of huge importance under MiFID II, for example the rules on transparency and transaction reporting will require circulation of greater amounts of data.

 

Investment service providers

MiFID II introduces major changes to those who provide investment services, covering a wide range of areas, from protection for professional investors, to conflicts of interest, fees and benefits from third parties, recording of telephone calls and emails, and many more.

Brexit and third country access

Following the UK's vote to leave the European Union - "Brexit" - the Government has given notice of withdrawal under Article 50 of the Treaty on the European Union. This will have an impact on the passporting rules and other related matters. 

Transparency and transaction reporting

MiFID II is intended to improve transparency in the financial markets, and to ensure that regulatory authorities receive adequate information to carry on their role of market monitoring.

General

MiFID II – the Markets in Financial Instruments Directive II – comes into force in January 2018. It will replace MiFID, which was introduced in 2007.  Although the impact of MiFID II is not expected to be as radical as that of MiFID – the EU's ambitious and wide-ranging project to create a single European market in financial services - its scope will nevertheless be far-reaching.