The following Financial Services guidance note provides comprehensive and up to date legal information covering:
The purpose of this Practice Note is to provide an overview of the level 3 measures published by the European Securities and Markets Association (ESMA), the European Banking Authority (EBA) and the European Commission in relation to the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II Directive) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together the MiFID II Framework). This Practice Note also summarises some international guidance provided by the US Securities and Exchange Commission (SEC).
MiFID II and MiFIR came into effect on 3 January 2018 and significantly amend and expand the regulatory framework that was established by the original Markets in Financial Instruments Directive (2004/39/EC) (MiFID). For more information about the implementation of the MiFID II Framework, see MiFID I, MiFID II and MiFIR—essentials and MiFID II and MiFIR—one minute guide. For an article-by-article guide to the MiFID II Framework and how the level 3 measures apply, see MiFID II level 1 roadmap and MiFIR level 1 roadmap. For a list of level 3 measures published in relation to MiFID, see MiFID level 3 measures.
ESMA’s Interactive Single Rulebook provides a comprehensive overview of and easy access to all level 2 and level 3 measures adopted in relation to MiFID II and MiFIR.
Level 3 measures consist
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