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.
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), which were adopted in 2014 and came into effect on 3 January 2018, replaced the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID). MiFID II and MiFIR introduced a new type of trading venue, the 'organised trading facility' or 'OTF', in order to capture broker-crossing networks and other multilateral systems for trading in bonds, structured finance products, emission allowances or derivatives that fall outside the categories of regulated markets (RMs), multilateral trading facilities (MTFs) and systematic internalisers (SIs). OTFs are also intended to include systems for trading derivatives that are eligible for clearing under Regulation (EU) 648/2012 (the European Markets Infrastructure Regulation or EMIR). This Practice Note focuses on the regulation of OTFs under MiFID II and MiFIR, as implemented in the UK. In addition, the Market Abuse Regulation (Regulation (EU) 596/2014), which came into
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