European Structured Products: Legal and Regulatory Materials

MiFID II

PRIPs

12/2012 Progress Report and Compromise Proposals of the Presidency of the Council of the EU as to the MiFID II Directive and the Regulation. In the progress report, the Presidency gives an overview of the situation regarding what it terms the “more important” issues, including those which may require further discussion at political level.
2011-2012 ESMA has published various documents relating to the review of MiFID, including the following:
- 12/19/2012 Supervisory Briefing on Suitability
  12/19/2012 Supervisory Briefing on Appropriateness and Execution-Only Business
  11/15/2012 Paper on Waivers from Pre-Trade Transparency: CESR Positions and ESMA Opinions
  06/20/2012 Protocol on the Operation of Notifications of MiFID Article 41 Suspensions and Removals of Financial Instruments from Trading
  05/07/2012 Paper on Responses to Call for Evidence on Transaction Reporting
  02/24/2012 Guidelines on Systems and Controls in an Automated Trading Environment
  07/20/2011 Consultation Paper on Proposals for Detailed Guidelines for Highly-Automated Trading Environments
10/20/2011 The legislative proposals from the Commission amending MiFID (MiFID II) take the form of a regulation and a directive:
- Draft Legislative Proposal from European Commission for a MiFID II Regulation
- Draft Legislative Proposal from the European Commission for a MiFID II Directive
The Commission's use of a regulation and a directive to implement MiFID II reflects the need to achieve a uniform set of rules in some areas (covered by the regulation), while allowing for differences in national markets, legal structures and investor profiles in other areas (covered by the directive).
12/08/2010 EU Commission Public Consultation: Review of MiFID
This consultation focused on the revision of the framework Directive 2004/39/EC, whilst outlining when needed the possible changes in the implementing legislation to follow. The purpose of this public document was to consult market participants, regulators and other stakeholders. Responses to this consultation provided important guidance for the European Commission in preparing its formal legislative proposal.
The original Markets in Financial Instruments Directive (MiFID), which came into force on 1 November 2007, consists of:
- Directive 2004/39/EC on Markets in Financial Instruments, which is the framework directive;
- Directive 2006/73/EC implementing Directive 2004/39/EC as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive; and
- Commission Regulation (EC) No. 1287/2006 implementing Directive 2004/39/EC as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive.
MoFo Materials

European Structured Products: Legal and Regulatory Materials MiFID II

European Structured Products: Legal and Regulatory Materials

MiFID II