MiFID II and MiFIR: A New Regime and a Game Changer for the Financial Services Industry (PricewaterhouseCoopers)

October 2014

KEYWORDS: MiFID II, MiFIR, MiFID, EU, European Commission, regulatory

Authors:

PricewaterhouseCoopers

Organizations:
  • PricewaterhouseCoopers

Summary:

Following the global financial crisis, the European Commission (Commission) decided to review the MiFID framework. The resulting revised Markets in Financial Instruments regime (MiFID II/ MiFIR) will entail challenges and potentially change the business models for the entirety of financial institutions and financial product manufacturers operating or distributing in the EU.
With over two years to prepare and many details still not in place, the temptation is to wait. However, market players should already start to get an understanding of the MiFID II/MiFIR regulatory framework and timeline as well as the impacts of the new regulation on their business. Only then can they make sure they’re ready for the new regime.

MiFID II/MiFIR should be put into context with the other key regulatory changes in the European Union, focussing on investor protection (e.g. Market Abuse Directive), market integrity and market infrastructure (e.g. EMIR).

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