MiFID II / MiFIR (Markets in Financial Instruments Directive / Regulation) package imposes many new requirements on financial market participants.
MiFID II / MiFIR package imposes many new requirements on financial market participants.
MiFID II / MiFIR (Markets in Financial Instruments Directive / Regulation) package imposes new requirements on financial market participants e.g. with regard to investor protection (i.e. new product governance requirements, tightening current inducements regime, coverage of structured deposits by MIFID II, extended requirements applying to communication with clients, increased information obligations, including information on costs), market transparency (e.g. extended transaction reporting, new systematic internaliser regime) and corporate governance, requires changes in market infrastructure (e.g. new trading venues, trade obligation) and provides also supervisors with new powers (e.g. product interventions).
Due to the wide scope of new regulations (including their complexity and depth), impact on existing business models and the need of involvement and coordination of many areas and business units, the implementation of MIFID II / MIFIR requirements will be complex and time-consuming process, requiring proper work planning and effective use of available resources.