On May 22, 2014, the European Securities and Markets Authority launched the consultation process for the implementation of the recast Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR). This is the first step in the process of translating the recently agreed texts of the MiFID II and MiFIR requirements into practical rules and regulations.
The consultation consists of a Discussion Paper, which covers proposals for Regulatory Technical Standards and Implementing Technical Standards, and a Consultation Paper, which proposes the technical advice necessary for the European Commission to adopt the RTS and ITS. The deadline for submitting responses to both papers is August 1.
In light of the importance of this consultation process, FIA and FIA Europe will be issuing a series of special reports throughout the month of June, each summarizing a specific area of focus in the two papers. The reports are provided for general informational purposes only and do not constitute legal or regulatory advice.
