MiFID II, MIFIR and asset management—in a nutshell
Produced in partnership with Linklaters LLP
MiFID II, MIFIR and asset management—in a nutshell

The following Financial Services guidance note Produced in partnership with Linklaters LLP provides comprehensive and up to date legal information covering:

  • MiFID II, MIFIR and asset management—in a nutshell
  • MiFID II and asset managers—overview
  • MiFID II and asset managers—UK gold-plating
  • Some of the key areas of MiFID II/MiFIR for asset managers to consider
  • What should asset managers be doing to ensure compliance after 3 January 2018?

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.

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) took effect on 3 January 2018, replacing the previous Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I). It is of the utmost importance for asset managers to ensure they comply with requirements that have been placed on them directly by the UK implementation of MiFID II and the direct effect of MiFIR. There may also be indirect impacts owing to the actions their counterparties are required to make by virtue of their own MiFID II/MiFIR obligations.

For more information on MiFID II and MiFIR, see Practice Notes: MiFID I, MiFID II and MiFIR—essentials and MiFID II and MiFIR—one minute guide. For an article-by-article guide to MiFID II and MiFIR, see Practice Notes: MiFID II level 1 roadmap and MiFIR level 1 roadmap.

MiFID II and asset managers—overview

MiFID II, along with other pieces of