- Publication Date22/05/2014
- Creation Date22/05/2014
- TypeConsultation paper
- SectionsInvestor Protection and Intermediaries, Secondary Markets
- ResponsesView responses
This publication is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations to address the effects of the financial crisis and to improve financial market transparency and strengthen investor protection.
MiFID II/MiFIR introduces changes that will have a large impact on the EU’s financial markets, these include transparency requirements for a broader range of asset classes; the obligation to trade derivatives on-exchange; requirements on algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. It will also strengthen protection for retail investors through limits on the use of commissions; conditions for the provision of independent investment advice; stricter organisational requirements for product design and distribution; product intervention powers; and the disclosure of costs and charges.
Responding to this paper
The European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Discussion Paper.
Please use this “form to reply”.
The level 1 texts adopted by the European Council during its 13 May 2014 meeting are available here: MiFID II and MiFIR. These links are from the Council Press Release.