The MiFID II Review - HMT Consultation on MiFID II

MiFID II Review

Product governance MiFID II contains important product governance requirements aimed at making all MiFID "products" subject to a similar regime to that applying at the moment to complex products being distributed to retail investors (such as retail structured products).

MiFID II Series #14 – SMSG advice in response to ESMA's CP on MiFID II product governance

On 17 January 2017, the securities and markets stakeholder group (SMSG) published a paper which it had submitted to ESMA in December 2016 providing its comments on ESMA's consultation paper on proposed guidelines for MiFID II product governance requirements (the Guidelines).

The MiFID II Review #13 - FCA's fourth and final CP on MiFID II: an end of year sweep up before the real work begins 

The FCA has published its final consultation on MiFID II on 16 December 2016 (CP16/43).  

MiFID II Series #17 - Research unbundling: the final word(s) before MiFID day

Guidance on interpretation of MiFID II provisions in relation to research has been previously published by ESMA in the form by Q&As and the move by the European Commission is no doubt as a result of pressure from the industry in the EU and the US and to add weight.

The MiFID II Review

#1 MiFID Briefing Series, April 2014

MiFID II Series #15 - UK regulator publishes MiFID II papers (CP17/8 and PS17/5) 

On 31 March 2017, the FCA published its first policy statement PS 17/5 (First PS) and a fifth (unexpected) consultation paper CP17/8 (Fifth CP) on MiFID II.

The MiFID II Review

#4 MiFID Briefing Series, March 2015

MiFID II Series #7 – FCA's Consultation Paper I

On 14 December 2015, the FCA published the first of a series of MiFID II Consultation Papers, this one covering the markets elements of MiFIR.

THE MiFID II REVIEW - ESMA's final report and follow-up Consultation Paper

Introduction In our MiFID Briefing No. 1 and MiFID Briefing No. 2, we explained the revised MiFID and MiFIR legislation and ESMA's original Discussion and Consultation Papers.

MiFID II REFIT is here....

Do you have the energy for MiFID II Refit... tick (1) to agree; (2) to disagree; (3) don’t know...

How extra-territorial is MiFID?

How extra-territorial is MiFID?

The MiFID II Review - Product Governance: How to assess target market

ESMA has published draft guidelines on the target market assessment under the recent Markets in Financial Instruments Directive (MiFID II) product governance requirements.

MiFID "Quick Fix" is here

On 26 February 2021, the  MIFID Quick Fix Directive  was published in the Official Journal.

MiFID II Series #16 - The time for talking is almost over: FCA publishes MiFID II papers (PS17/14 and CP 17/19)

Scope – beyond MiFID II requirements The FCA has clearly outlined some broad categories where it has gone further by applying the MiFID II standards to non-MiFID businesses.

#9 MiFID II Review - European Commission adopts Delegated Acts on MiFID II

The Delegated Acts follow the publication of the MiFID Delegated Directive in relation to research and product governance on 7 April 2016, which we covered in series 8 of our MiFID II review.

MiFID for asset managers

MiFID II will replace the current MiFID (“MiFID I”) as the framework legislation that regulates a significant proportion of firms providing investment services and activities in the EU including many asset managers.

The MiFID II Review #11 - The FCA's Third MiFID II Consultation Paper (CP16/29)

The FCA proposes further changes for non-MiFID business.

MiFID II: The difficulties of Equivalence

Headline messages The key takeaways are: MiFID third country regime tightened.

ESMA considers MiFID product intervention powers to delay FCA intervention on retail CFDs under CP16/40; but the FCA still finds failings in firms' appropriateness assessments  

Clearly, sharing a commitment to delivering key aspects of MiFID II (product governance, disclosures and inducements) and PRIIPs KID may also help them fight their corner. 2.