MiFID (II) / MiFIR overview

MiFIR

In 2011, MiFID was revised by the European Commission. The revision of MiFID took the form of an updated Directive and a new Regulation, commonly referred to as MiFID II and MiFIR respectively. These were adopted by the European Parliament on 15 April 2014 and by the Council of the European Union on 13 May 2014.

Building on the requirements already in place since the implementation of MiFID in 2007, MiFIR’s objectives are to increase transparency among the financial system by improving regulatory requirements, market transparency and investor protection.

MiFIR requirements are designed in relation to the disclosure of trade data to the public and competent authorities. They will replace the existing MiFID transaction reporting requirements and are expected to come into force in January 2018.

As MiFIR is an EU regulation, the monitoring and the publication of information will be undertaken by the European Securities and Markets Authority (“ESMA”).