MiFID II—A New Framework for European Financial Markets

MiFID II has led to profound changes in the functioning of the financial markets in Europe, including regulating markets which previously had little or no supervision (such as the bond, equity derivatives or commodity markets—not to mention carbon emission allowances).

One peculiarity of the MiFID II regime lies in the volume of the regulation—an unprecedented quantity of texts and associated doctrine. While the MiFID I regime consisted only of a directive and two delegated texts, the MiFID II regime is comprised of a directive and a regulation with more than 50 delegated texts. Between the two regimes, the number of provisions has multiplied by ten. With no summary guide or compilation of the MiFID II regime previously available since the entry into force of MiFID II on 3 January 2018, practitioners, legal analysts, and lawyers know all too well how vexing it is to navigate this flow of texts, objectives, and applications.

In view of the importance of the regime for EU financial markets and the huge volume of regulations, the new publication MiFID II: A New Framework for European Financial Markets provides a clear and concise guide to understanding—and complying with—the most complex and wide-ranging reform of European financial regulation in recent times.

The book describes the main changes arising from MiFID II and discusses the most controversial provisions. It also highlights the most significant differences between MiFID I and MiFID II. Without claiming to be exhaustive, it makes accessible a collection of very dense and complex texts which directly or indirectly affect not only most stakeholders in the European financial markets, but also companies issuing securities and investments.

The book’s logical structure enables readers to find information quickly. While it provides practical and concise guidance to the major implications of MiFID II, the key pieces of complex information are summarised in an engaging and readable style.

In his foreword, Markus Ferber, Member of the European Parliament and the European Parliament’s Rapporteur for the Recast of the Markets in Financial Instruments Directive (MiFID II), says:

‘I can only hail the publication of a work which summarises the principal ele