MiFID II & MiFIR—third-country regime
Produced in partnership with DLA Piper

The following Financial Services practice note produced in partnership with DLA Piper provides comprehensive and up to date legal information covering:

  • MiFID II & MiFIR—third-country regime
  • Reverse solicitation
  • MiFID II—the branch model
  • Authorisation—information to be provided to the host-state regulator
  • Authorisation—timing
  • On-going obligations of the third-country branch
  • Withdrawal of authorisation
  • MiFIR—the cross-border model
  • The ESMA register
  • Equivalence decision
  • More...

MiFID II & MiFIR—third-country regime

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 revised and recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and the Markets in Financial Instruments Regulation 600/2014 (MiFIR) entered into force on 2 July 2014 and repealed and replaced the Markets in Financial Instruments Directive 2004/39/EC (MiFID I) with effect from 3 January 2018.

MiFID II and MiFIR set out a new legislative framework for the regulatory requirements which apply to investment firms, trading venues, data reporting service providers and third-country firms providing investment services or activities in the European Economic Area (EEA).

MiFID II and MiFIR introduced a new third-country regime for the EEA. The aim was to create a more harmonised approach and introduce two new options for third-country firms to access the EEA market:

  1. under Article 39 of MiFID II, a Member State may require a third-country firm to establish a branch to provide services to retail or elective professional clients (the Branch Model); and

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