Topic Centers

MiFID II

MiFID II will have a significant impact on financial institutions providing services in the EU. Hogan Lovells has created this site to help firms understand what will change under MiFID II, and how those changes may affect their business.

MiFID II introduces a new category of trading venue, the organised trading facility ("OTF"). OTFs are trading venues for instruments that are not traded on regulated markets or multilateral trading facilities ("MTFs").

MiFID II also seeks to ensure a level playing field among trading venues. The different kinds of trading venues, comprising regulated markets, MTFs and OTFs, will be subject to similar transparency and organisational requirements.

The existing regime for systematic internalisers ("SIs") will be extended. As a result, it is anticipated that more firms will be treated as SIs for a greater range of financial instruments.

MiFID II also sets out rules on access for trading venues and central counterparties ("CCPs").

Please click the link below to view our briefing note on this topic.

Hogan Lovells Publications

CONSOB secondary level measures implementing MiFID II

As follow up to the consultation of July 2017, today CONSOB published the outcome of the consultation and Resolution No. 20307 ("New CONSOB Regulation on Intermediaries"), which sets out...

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Publications

Non-retail inducements rules under MiFID II – time to push back on gold-plating?

The FCA's third consultation paper on MiFID II implementation, released in September 2016, proposes a number of changes to the current UK inducements rules, including the criteria for...

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Press Releases

Year-Long Delay to MiFID II Finally Approved; UK Must Transpose Rules into National law by July 2017

The Council of the European Union has given final approval to delay the implementation of the Markets in Financial Instruments Directive II (MiFID II) by 12 months.  The MiFID II...

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