The following Financial Services practice note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.
This Practice Note provides an overview of the provisions for non-discriminatory access to central counterparties (CCPs), trading venues and benchmarks introduced by the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), which came into effect on 3 January 2018. It includes a summary of the level 1 legislation, as well as relevant level 2 rules and level 3 guidance.
MiFIR and the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) replaced the Markets in Financial Instruments Directive (Directive 2004/39/EC), which already gave investment firms the right of non-discriminatory access to CCP, clearing and settlement systems in other Member States. This right has been retained in MiFID II.
The MiFIR access provisions were intended to encourage competition and address the ‘vertical silo’ model—where trading, clearing and settlement all take place within the same infrastructure. In order to avoid discrimination, CCPs are required to clear transactions executed on different trading venues, and trading venues must make their data feeds available
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
A certificate of title (also known as a certificate on title) is a particular species of report on title.When solicitors are instructed to investigate title to land (for instance, when land is being acquired or offered up as security), they will write a report on title for their client, which sets
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.