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EU Sets New Financial Laws for Non-EU Entities By Simon Lovegrove
INTRODUCTION The Markets in Financial Instruments Directive (MiFID) is one of the cornerstones of EU financial services law setting out which investment services and activities should be licensed across the EU and the organisational and conduct standards that those providing such services should comply with. Following technical advice received from the European Securities and Markets Authority 54
(ESMA) and a public consultation, in 2011 the European Commission published legislative proposals to amend MiFID by recasting it as a new Directive (MiFID II) and a new Regulation (MiFIR). The legislative proposals were the subject of intense political debate between the European Parliament, the Council of the EU (the Council), and the Commission. However, informal agreement between the EU institutions was finally reached in February 2014. This led to MiFID II and MiFIR being approved by the CFI.co | Capital Finance International
European Parliament on 15 April 2014 and by the Council on 13 May 2014. On 12 June 2014, MiFID II and MiFIR were published in the Official Journal of the EU with entry into force being on the twentieth day after publication. MiFID II and MiFIR enter into application 30 months after coming into force (beginning of 2017). In relation to implementing measures for both MiFID II and MiFIR, ESMA has now published its discussion paper on future