MiFID II & PRIIPs – The Early Days

Risk.net Workshop

23 Feb 2018 08:30 a.m. - 10:30 a.m.

One Moorgate Place
Chartered Accountants Hall
1 Moorgate Pl
London, United Kingdom EC2R 6EA
Trevor Starer
(212) 336-4310

The first few days of 2018 saw the implementation of two major pieces of EU legislation, MiFID II (comprising a new Markets in Financial Instruments Regulation and a recast Markets in Financial Instruments Directive) and the PRIIPs Regulation. MiFID II involves a significant overhaul of the regulation of financial markets in the EU including a significant extension of the regulation of market infrastructure. The PRIIPs Regulation is more narrowly focused but will still have a significant impact on financial markets, requiring a Key Information Document (KID) to be prepared every time an packaged investment product or insurance-based product is sold to a retail investor. There are already reports of significant teething issues in relation to the implementation of both MIFID II and PRIIPs.

During the workshop, we will look in more depth at some of the key issues in relation to the implementation of both pieces of legislation and some of the practical issues faced by firms. Topics to be discussed include:


  • Impact of the new product governance rules;
  • Roll-out of the trading obligation for derivatives;
  • Issues relating to the new rules relating to conflicts of interest and inducements; and
  • The new product intervention powers and their early application to CFDs.


  • Uncertainties as to the scope of the Regulation and application to certain products;
  • Issues relating to performance scenario information to be included in the KID and the recent communication by the UK's FCA;
  • Concerns over potential liability for issuers and extraterritorial scope; and
  • Problems caused by lack of grandfathering relief and application to secondary sales.


  • Peter Green, Partner, Morrison & Foerster LLP
  • Jeremy Jennings-Mares, Partner, Morrison & Foerster LLP



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