The following Financial Services guidance note provides comprehensive and up to date legal information covering:
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.
This Practice Note provides an overview of the pre- and post-trade transparency regime for trading venues and investment firms that is set out in the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), which came into effect on 3 January 2018 together with the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II). It includes a summary of the level 1 legislation, as well as relevant level 2 rules and level 3 guidance. It also examines how the regime has been implemented in the UK, and it highlights the key changes made to the original Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) transparency regime.
For more information about MiFIR and MiFID II, see Practice Notes: MiFID I, MiFID II and MiFIR—essentials and MiFID II and MiFIR—toolkit.
Following a review of MiFID I, the European Commission in 2011 proposed a revised and recast directive and
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