MiFID II and MiFIR level 3 measures
MiFID II and MiFIR level 3 measures

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • MiFID II and MiFIR level 3 measures
  • Overview of level 3 measures
  • Guidelines
  • Q&A documents
  • Supervisory briefings
  • Reporting and transparency system instructions
  • Opinions
  • FAQs
  • Procedure/Policy
  • Equivalence decisions
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

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

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