MiFID II

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This overview provides a guide to the Corporate content within the MiFID II subtopic with links to the appropriate materials.

Background to MiFID and MiFID II

The Markets in Financial Instruments Directive (2004/39/EC) (MiFID), which replaced the Investment Services Directive (93/22/EEC) (ISD), was adopted as a level 1 or framework directive under the Lamfalussy process and had to be implemented into the national laws of EU Member States by 1 November 2007 (although some Member States missed the implementation deadline). Its aim was to improve the competitiveness of EU financial markets by creating a single market for investment services and activities, and ensure a high degree of harmonised protection for investors in financial instruments, such as shares, bonds, derivatives and various

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Latest Corporate News

Companies House postpones ECCTA 2023 presenter measures until November 2026

Companies House has updated its transition plan for implementing the provisions of the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023), postponing the spring 2026 due date for presenter measures until no earlier than November 2026. This postponement aims to prioritise the completion of the identity verification transition period for directors and persons with significant control while affording additional time to address stakeholder feedback. The revised transition plan outlines an indicative timeline for the commencement of key provisions of the Act, which received Royal Assent on 26 October 2023.

DBT publishes letter confirming decision not to consult on audit reform legislation

The Department for Business and Trade (DBT) has published a letter by Minister for Small Businesses and Economic Transformation, Blair McDougall MP, addressed to the Chair of the Business and Trade Committee, confirming that the government will not consult on audit reform legislation after reviewing the planned audit and corporate governance package. The letter explains that this decision reflects priorities to promote economic growth and reduce administrative burdens, reduced need for major reform due to improvements since the collapse of Carillion in 2018, and limited parliamentary time. It also states that the government will instead focus on simplifying and modernising corporate reporting through a consultation this year, while continuing to work with the Financial Reporting Council to improve audit quality and intending to put the Financial Reporting Council on a proper statutory footing when parliamentary time allows.

LSE amends AIM Rules to implement Public Offers and Admissions to Trading Regulations 2024

The London Stock Exchange (LSE) has confirmed amendments to the Alternative Investment Market (AIM) Rules for Companies to implement the Public Offers and Admissions to Trading Regulations 2024, which replace the UK Prospectus Regulation. These changes align the AIM Rules with the Financial Conduct Authority’s (FCA's) final rules contained in Policy Statement PS25/9, including the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook and amendments to the Market Conduct sourcebook for operators of primary multilateral trading facilities.

FCA fines oil rig consultant for insider dealing

The Financial Conduct Authority (FCA) has fined oil rig consultant Russel Gerrity £309,843 for using inside information to net himself £128,765. The FCA found Gerrity engaged in insider dealing in breach of Article 14(a) of the UK Market Abuse Regulation. Gerrity agreed to solve the matter and qualified for a 30% (stage 1) discount under the FCA’s settlement procedures. Were it not for this discount, the FCA would have imposed a financial penalty of £387,448.

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