The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.
The Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) was adopted in 2004 and had to be implemented into the national laws of EU Member States by 1 November 2007. On 20 October 2011, the European Commission adopted legislative proposals for the revision of MiFID I, which took the form of a revised and recast directive (MiFID II) and a new regulation (MiFIR) (together the MiFID II framework). The MiFID II framework expands the scope of the pre-existing MiFID I directive. The final MiFID II (Directive 2014/65/EU) and MiFIR (Regulation (EU) 600/2014) texts entered into force on 2 July 2014. The majority of MiFID II and MiFIR became applicable on 3 January 2018. This Practice Note outlines the main provisions contained in MiFID I and the recast provisions contained in the MiFID II framework.
MiFID I, which replaced the Investment Services Directive (93/22/EEC) (ISD), was adopted as a level 1 or framework directive under the Lamfalussy process. Although it had to be implemented into the national laws of EU
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