MiFID MiFIR
The Directive comes with the Regulation 600/2014 (hereafter the "Regulation"), the so-called MiFIR and a Commission Delegated Directive and a Delegated Regulation, both dated in April 2016. ESMA has also published its Guidelines regarding the new legal framework. MiFID II is the revised version of MiFID (Directive 2004/39) and the result of the financial crisis of 2008 that underlined the need for more transparency and clearer rules in the financial market.
It would be unreasonable to try to explain the whole MiFID II, as the complete documentation is more than a thousand pages long; hence we will explain the essentials that you need to know.
What is the scope of the MiFID 2 Directive
What are the objectives of the MiFID 2 Directive
The MiFID II "package", with its Directive, Regulation, Guidelines etc., regulates many different aspects of the financial market, among them:
- More transparency in the market.
- More protection for the investors that will reinforce their confidence in the market.
- The Directive underlines the necessity of the establishment of a clear regulatory regime governing the execution of transactions in financial instruments irrespective of the trading methods used to conclude those transactions, meaning better quality of execution and efficiency of the system.
- Enhancement of the "best execution" framework for the retail investors.
- More transparency and stronger legal framework for markets in financial instruments, including where trading in such markets takes place over-the-counter ("OTC").
Finally, all the measures aim at enhanced harmonization of the rules among member states and financial stability in the EU.
What do you need to do in order to be compliant with MiFID II?
With you along the road of Business Compliance
Our professionals can assist you, providing a clear and practical guidance regarding the implementation of the relevant rules from your company.
Contact the Compliance TeamHow can Pideeco help you with MiFID MiFIR?
The complete documentation of MiFID II is over a thousand pages long and can be confusing and overwhelming for companies to understand. We at Pideeco can help you to:- Understand and breakdown the main concepts of MiFID II and its related regulations and guidance.
- Offer trainings on MiFID II and its related regulations and guidance.
- Draft policies and procedures concerning MiFID II.
- Set up an efficient MiFID II process that integrates with your business and clients.
- Evaluate your current MiFID II processes and help you spot and remediate any gaps.
- And even perform mystery shopping in the sales channel (direct agents or brokers).
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