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.
Following the financial crisis of 2008, the European Commission (Commission) implemented a review of the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID) with the view to improving the functioning of financial markets and to strengthening investor protection, which led to the adoption of a legislative proposal for the revision of MiFID. As a result of the review, the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together the MiFID II Framework) were adopted and entered into force on 2 July 2014. The majority of MiFID II provisions took effect from 3 January 2018.
MiFID II made a number of changes to the requirements in MiFID concerning the way that firms should conduct their business. MiFID’s conduct of business requirements were predominantly implemented in the UK through the Financial Conduct Authority’s (FCA) Conduct of Business Sourcebook (COBS). The MiFID II regime had to be transposed into UK law by 3 July 2017. This Practice Note
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