Back in November 2011, Regulatory Roundup 36 contained an article on the long-awaited draft for a revised MiFID (MiFID II).
Around two and a half years later we have now reached the stage where final texts to MiFID II and the Regulation (MiFIR) have been agreed by both the European Parliament and the European Council.
The combined publications total around 550 pages although fortunately the FCA has produced a very useful, and readable, summary of the most significant changes (see link).
ESMA has now issued a consultation paper and a discussion paper on the implementation of MiFID II.
There is no immediate need for panic as the revised MiFID is not expected to come into application until late 2016/early 2017. Aside from consultations (although bear in mind that a Regulation, as opposed to a Directive, is directly applicable and does not need to be converted into domestic laws and regulation) the FCA anticipate establishing a range of events to support firms in implementing MiFID II.
Once the consultative process is complete, Complyport will be engaging with its clients to ensure that they will be compliant with MiFID II. Having said that, we would recommend that firms take the opportunity to review the above mentioned FCA summary to gain a high level understanding of the impact that MiFID II may have on their business.
