1938:
361:. There are three other "Lamfalussy Directives": Directive 2003/71/EC, replaced with Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, the market abuse directive, and Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market.
36:
788:
was 3 January 2017, however, in
February 2016 the European Commission delayed this until 3 January 2018 to allow for the building of IT systems to enable enforcement of the new package. Some banks and institutions advocated for a further delay to the implementations of MiFID 2, with smaller organisations not yet equipped for the additional demands. However, MiFID 2 came into force on the revised date of 3 January 2018.
719:
anti-money laundering procedures and for not accurately representing its environmental, social, and governance (ESG) investment practices. Consequently, through the jurisdiction of the GFCC, BaFin played a key role in enforcing MiFD 2 by mandating
Deutsche Bank to implement a comprehensive overhaul of its transaction reporting procedures to ensure future compliance with MiFID II regulations.
583:
consideration is being given to extending these requirements to other financial instruments. Under
Article 65(1) of MiFID 1, the European Commission is due to submit a report to the European Parliament and to the Council on extending pre and post-trade transparency requirements to transactions in financial instruments other than shares by October 2007.)
776:(AFME)'s formal response to Ferber particularly cited concern with the requirement that all algorithms run continuously as this would preclude the use of broker algorithms to execute client orders. The creation of the Organized Trading Facility (OTF) rules have also caused concern because of their proposed ban on
801:
By 3 March 2021, the
European Commission will need to present a report to the European Parliament and Council on the functioning of the directive. This will cover a broad range of issues, including the impact of requirements regarding algorithmic trading and the development in prices for pre and post
718:
The German financial watchdog BaFin, and direct affiliate of the German
Federal Court of Justice (GFCC) as a German national financial regulator, identified significant lapses in Deutsche Bank's transaction reporting system. BaFin imposed a fine of €170,000 on Deutsche Bank due to deficiencies in its
701:
Prior to Brexit, the UK FCA was proactive in pursuing enforcement actions under MiFID 2, especially concerning the accurate and timely reporting of transactions. The FCA brought numerous cases involving serious infringements to MiFD 2 before
British courts, which usually resulted in the imposition of
364:
MiFID 1 retained the principles of the EU "passport" introduced by
Directive 93/22/EEC but introduced the concept of "maximum harmonization", which places more emphasis on home state supervision. This is a change from the prior EU financial service legislation, which featured a "minimum harmonization
509:
To determine which firms are affected by MiFID 1 and which are not the directive distinguishes between "investment services and activities" ("core" services) and "ancillary services" ("non-core" services). More detail on the services in each category can be found in Annex 1 Sections A and B of MiFID
403:
approved both MiFID 2, an updated version of MiFID 1, and its accompanying
Regulation (EU) No 600/2014. The directive and regulation include fewer exemptions and expand the scope of MiFID 1 to cover a larger group of companies and financial products. Both MiFID 2 and Regulation (EU) No 600/2014 have
513:
If a firm performs investment services and activities, it is subject to MiFID 1 in respect to both of these and also of ancillary services (and it can use the MiFID 1 passport to provide them to member states other than its home state). However, if a firm only performs ancillary services, it is not
787:
Both MiFID 2 and
Regulation (EU) No 600/2014 entered into force on 2 July 2014. MiFID 2 replaced MiFID 1, which in turn replaced Directive 93/22/EEC. MiFID 2 is complemented by Regulation (EU) No. 600/2014 on markets in financial instruments The initial date for implementation by the Member States
555:
Firms covered by MiFID 1 will be authorised and regulated in their "home state" (broadly, the country in which they have their registered office). Once a firm has been authorised, it will be able to use the MiFID 1 passport to provide services to customers in other EU member states. These services
431:(EP) in March 2004. In April 2006, the Commission published consultation responses it received in 2005. In June 2006, the Commission published a new draft. The EC and EP discussed any suggested amendments to approve Level One texts. A second reading of the legislature, by both EP and EC, followed.
674:
National courts play an especially important role in the enforcement of the directive. National courts are tasked with adjudicating cases involving breaches of MiFID 2 regulations and can impose sanctions, fines, and order corrective actions to ensure compliance. Courts also interpret how MiFID 2
591:
MiFID 1 requires firms to publish the price, volume ,and time of all trades in listed shares, even if executed outside of a regulated market, unless certain requirements are met to allow for deferred publication. (Note see comment above regarding extension of these requirements to other financial
564:
MiFID 1 requires firms to categorise clients as "eligible counterparties", professional clients, or retail clients (these have increasing levels of protection). Clear procedures must be in place to categorise clients and assess their suitability for each type of investment product. That said, the
727:
The French government has implemented MiFID 2 by modifying the French
Monetary and Financial Code, in particular by ordinance number 2007-544 of 12 April 2007, and the decrees 2007-901 and 2007-904 of 15 May 2007. The Autorité des Marchés Financiers (AMF) has also applied MiFID 2 t o its General
491:
Level 3 texts are explanatory material issued by regulators and national bodies that set out regulators' approaches to interpretation of level I and II material.They usually do not carry the force of law, but regulators often require explanations for departures from their interpretation. Level 3
748:
On 8 December 2010, following a public hearing held in September 2010, the European Commission released a substantial public consultation relating to the review of MiFID 2, accompanied by a press release and frequently asked questions. The public consultation period was scheduled to close on 2
744:
issued consultation papers on MiFID 2 review. The consultation period was short and ended on 31 May 2010. There was one day of open hearings in Paris on 17 May 2010. Public responses to the consultations are now available although a number of institutions also submitted confidential responses.
412:
MiFID 1 was intended to replace Directive 93/22/EEC, which was adopted in 1993. The law creates a single market for investment services and activities, which improves the competitiveness in EU markets. While the original law did succeed in lowering prices and expanding choices for investors,
582:
MiFID 1 requires that operators of continuous order-matching systems must make aggregated order information on "liquid shares" available at the five best price levels on the buy and sell-side; for quote-driven markets, the best bids and offers of market makers must be made available. (Note
612:
is not limited to execution price but also includes cost, speed, the likelihood of execution and likelihood of settlement and any other factors deemed relevant. MiFID 2's "all sufficient steps" test sets a somewhat higher standard than the previous "all reasonable steps" standard in MiFID
885:
752:
On 20 October 2011, the European Commission adopted formal proposals for a "Directive on markets in financial instruments repealing MiFID 1 of the European Parliament and of the Council", and for a "Regulation on markets in financial instruments", which would also amend
627:
is a firm that executes orders from its clients against its own book or against orders from other clients. MiFID 2 will treat Systematic Internalisers as mini-exchanges, hence, for example, they will be subject to pre-trade and post-trade transparency requirements (see
466:
and the European Parliament, sets out a detailed framework for the legislation. It also amends Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC and repeals Council Directive 93/22/EEC, Investment Services Directive (ISD) originally adopted in 1993.
658:
have worked with the MiFID 2 Joint Working Group and Regulators to make sure that they are able to help financial institutions to deal with the fragmentation and benefit from the increased transparency while helping them to fulfill their new reporting liabilities.
314:(EU). Together with Regulation No 600/2014 it provides a legal framework for securities markets, investment intermediaries, in addition to trading venues. The directive provides harmonised regulation for investment services of the member states of the
641:
has had an unanticipated effect. Where once a financial institution was able to see information from just one or two exchanges, they now have the possibility (and in some cases the obligation) to collect information from a multitude of
1627:
881:
2520:
675:
should be applied in specific national contexts, hence shaping the practical impact of the directive across different jurisdictions. This judicial oversight ensures that financial institutions adhere to MiFID 2’s high standards.
369:" EU requirements detrimental to a "level playing field". Another change was the abolition of the "concentration rule" in which member states could require investment firms to route client orders through regulated markets.
573:
MiFID 1 has requirements relating to the information that needs to be captured when accepting client orders, ensuring that a firm is acting in a client's best interests and as to how orders from different clients may be
653:
The number of additional pricing sources introduced by MiFID 2 means that financial institutions have had to seek additional data sources to ensure that they capture as many quotes/trades as possible. Numerous
2530:
705:
Post-Brexit, the UK is no longer bound by MiFD 2. However, to maintain market stability and ensure smooth cross-border financial services, the UK initially incorporated MiFID 2 into its domestic law under the
1442:
862:
543:), and the UK—would require publication of over 100 million additional trades annually, with spending increasing as well but at a slower rate, from €38 million yearly to close to €50 million.
443:
354:
1492:
1635:
2376:
1087:"Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council"
2784:
475:
Twenty articles of this directive specified technical implementation measures (Level 2). These measures were adopted by the European Commission, based on technical advice from the
396:, with oversight by the European Parliament. Implementation measures in the form of a Commission Directive and Commission Regulation were officially published on 2 September 2006.
2595:
483:
with oversight by the European Parliament. Implementation measures in the form of a Commission Directive and Commission Regulation were officially published on 2 September 2006.
791:
Some analysts believe the impact of MiFID 2 will lead to global investment research expenditures falling by as much as $ 1.5 billion annually when the rules come into force.
2799:
798:
announced plans to transfer trading in 245 energy futures contracts from London to the US, putting transactions under the oversight of US, rather than European, regulators.
1903:
671:
in full and on time, with minor exceptions. The European Commission has published a transposition table linking to lists of national provisions which transpose directives.
2844:
416:
MiFID 1 was also intended to make changes to share trading, and it set guidelines for the use of related financial instruments. The law was introduced in order to reduce
2665:
1925:
702:
fines on major financial institutions like UBS and Goldman Sachs. Such institutions were often found by the courts to have failed in reporting millions of transactions.
2744:
1994:
556:
will be regulated by the member state in their "home state" (whereas currently under ISD, a service is regulated by the member state in which the service takes place).
624:
618:
1029:
231:
2804:
2366:
2142:
967:
Under European law, a Directive has to be transposed into national law: a Regulation, on the other hand, is automatically binding throughout all member states.
177:
2774:
600:
One of the most controversial aspects of MiFID 2 is that it severely restricts asset managers' ability to obtain investment research with client commissions.
242:
1373:
2525:
2515:
2824:
2127:
2685:
2057:
264:
517:
MiFID 1 covers almost all tradable financial products except for certain foreign exchange trades. This includes commodity and other derivatives such as
2819:
698:(FSA), now the FCA, was the body responsible for the regulation of the securities industry in the United Kingdom during the period of implementation.
2371:
608:
Directive 2014/65/EU requires that firms take all sufficient steps to obtain the best possible result in the execution of an order for a client. The
2545:
2147:
1967:
2919:
2829:
1918:
1323:
388:
specified technical implementation measures (Level 2). These measures were adopted by the European Commission based on technical advice from the
253:
1218:
1138:
2650:
1832:
1875:
1004:
2814:
2640:
1933:
1609:
1578:
2600:
2729:
2580:
773:
741:
476:
389:
1648:
2670:
1911:
450:. There are three other "Lamfalussy Directives": the Prospectus Directive, the Market Abuse Directive, and the Transparency Directive.
2749:
2721:
1282:
493:
349:, whose measures changed how EU financial service markets operate. It is the most significant piece of legislation introduced in the
2585:
2570:
2329:
2158:
1467:
399:
After its initial implementation, MiFID 1 was intended to be reviewed. After extensive discussion and debate, in April 2014, the
338:, as well as level the playing field for market participants in investment services. It repeals Directive 2004/39/EC (MiFID 1).
2560:
2324:
1999:
1957:
131:
73:
2680:
2386:
1984:
2870:
2655:
2094:
1860:
707:
749:
February 2011. On 26 May 2011, the Commission was reported to be working to present its proposals before the end of 2011.
2914:
2186:
1390:
1305:
943:
913:
802:
trade transparency data. The European Securities and Markets Authority is to support the Commission with this exercise.
2929:
2339:
319:
215:
1033:
565:
appropriateness of any investment advice or suggested financial transaction must still be verified before being given.
2625:
2565:
2504:
2396:
2201:
1972:
1259:
1148:
366:
1086:
2675:
2479:
2404:
1416:
535:
Celent, a financial services consultancy, estimated in 2007 that under MiFID 1, the three largest EU jurisdictions—
2759:
1806:
978:
650:(EEA). This results in an additional amount of work to benefit from the transparency that MiFID 2 has introduced.
299:
2610:
2439:
2354:
2106:
2072:
1370:
365:
and mutual recognition" concept. "Maximum harmonization" does not permit states to be "super equivalent" or to "
2555:
2535:
2314:
2062:
2014:
1979:
836:
346:
784:, which would prevent brokers from using their pools to unwind risk on behalf of a client or the bank itself.
2794:
2645:
2620:
2509:
2283:
643:
480:
463:
393:
377:
58:
1649:
Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
1112:
2690:
2499:
2459:
2454:
2309:
695:
496:
has issued a large number of level 3 texts on MiFiD II in the form of documents and questions and answers.
2705:
2449:
2429:
2084:
754:
679:
1870:
79:
2865:
2860:
2494:
2334:
2196:
2089:
1692:
1594:
518:
385:
307:
275:
27:
2700:
2695:
2615:
2444:
2424:
2409:
2101:
1962:
1222:
795:
678:
Notable examples of how national courts have dealt with several MiFID 2-related cases include the UK
353:
designed to accelerate the adoption of legislation based on a four-level approach recommended by the
768:
suggested amendments to the European Commission's proposals, intended to strengthen restrictions on
2484:
2464:
1880:
1532:
852:
1895:
1780:
1725:
1710:
1606:
1575:
2635:
2241:
1060:
882:"Investment services and regulated markets - Markets in financial instruments directive (MiFID)"
2924:
2839:
2764:
2256:
2206:
2132:
1890:
1554:
831:
769:
655:
647:
315:
208:
2883:
2754:
2660:
2550:
2261:
2231:
2226:
2211:
1861:
MiFID 2.0. Casting New Light on Europe's Capital Markets – Centre for European Policy Studies
1196:
459:
373:
1752:
2909:
2605:
2505:
Directive establishing a general framework for equal treatment in employment and occupation
2474:
2181:
2169:
2111:
2080:
1753:"Banks want to delay a key part of the Mifid II legislation ahead of next month's deadline"
1251:
1174:
821:
811:
532:
That part of a firm's business that is not covered by the above is not subject to MiFID 1.
447:
358:
181:
1660:
8:
2734:
2521:
Directive on the Promotion of the use of biofuels and other renewable fuels for transport
2469:
2299:
2191:
2042:
2032:
2004:
1516:
1064:
777:
668:
439:
428:
424:
400:
381:
342:
335:
142:
120:
54:
637:
Although MiFID 2 was intended to increase transparency for prices, the fragmentation of
2779:
2590:
2575:
2489:
2381:
2304:
2251:
2236:
1943:
826:
522:
435:
350:
686:
v. Deutsche Bank which protected MiFD 2’s regulations for German financial companies.
2419:
2360:
2319:
2221:
2137:
2037:
1255:
1144:
847:
526:
201:
2630:
2052:
781:
758:
413:
weaknesses in ISD's structure became apparent during the financial crisis in 2008.
1693:"Investment Services | MiFID 2 | Licence Authorisation & Compliance"
1674:
2434:
2344:
2273:
2246:
2216:
1989:
1613:
1582:
1377:
1245:
2414:
2349:
2267:
2047:
2022:
1937:
1865:
857:
609:
311:
1711:"Commission extends by one year the application date for the MiFID II package"
682:(FCA)’s use of British courts to enforce financial regulations, and Germany’s
2903:
2789:
2739:
2540:
2027:
765:
638:
417:
331:
1331:
863:
Undertakings for Collective Investment in Transferable Securities Directives
384:, set out a detailed framework for the legislation. Twenty articles of this
2809:
2769:
2278:
1885:
1576:
Investment Services Directive – Markets in Financial Instruments Directive
438:, which was designed to accelerate the adoption of legislation based on a
2834:
193:
2888:
514:
subject to MiFID 1 but also can not benefit from the MiFID 1 passport.
1833:"ESMA writes to European Commission on MiFID II/MiFIR Review reports"
735:
710:. Thus, the FCA continues to enforce MiFID-like rules domestically.
1724:
Stafford, Philip; Noonan, Laura; Murphy, Hannah (14 December 2017).
1113:"Trafigura says European trading rules have 'little justification'"
2785:
Kamer van Koophandel en Fabrieken voor Amsterdam v Inspire Art Ltd
2725:
2531:
Directive on Electricity Production from Renewable Energy Sources
2174:
841:
540:
323:
2596:
Directive on the legal protection of biotechnological inventions
816:
646:, Systematic Internalisers and other exchanges from around the
536:
327:
285:
1032:. Financial Conduct Authority. 9 December 2014. Archived from
2800:
Marleasing SA v La Comercial Internacional de Alimentacion SA
683:
423:
During the approval process for MiFID 1, a proposal from the
2551:
Directive on the enforcement of intellectual property rights
1324:"MiFID: Unraveling Post-Trade Market Dynamics | Celent"
2666:
European Directive on Traditional Herbal Medicinal Products
2556:
Directive 2004/38/EC on the right to move and reside freely
1607:
FT: Mifid amendment calls for commission ban to be scrapped
1628:"Mifid amendment calls for commission ban to be scrapped"
667:
MiFID 2 and its accompanying implementing directive were
1726:"Banks lobby for reprieve on key part of Mifid II rules"
1661:
Review of the Markets in Financial Instruments Directive
1247:
The Future of Investing in Europe's Markets after MiFID
233:
Institutions for Occupational Retirement Directive 2003
2367:
European Union System for the Evaluation of Substances
334:. Its main objectives are to increase competition and
1781:"London loses oil futures listings as Mifid II bites"
1493:"Deutsche Bank AG: BaFin imposes administrative fine"
1136:
244:
Undertakings for Collective Investment Directive 2009
2526:
Directive on the re-use of public sector information
1723:
1143:. European Association of Public Banks. p. 67.
2686:
Waste Electrical and Electronic Equipment Directive
1359:
Soft Dollars, MiFID II and Other Trading Activities
1346:
Soft Dollars, MiFID II and Other Trading Activities
266:
Alternative Investment Fund Managers Directive 2011
2820:Peter Paul and Others v Bundesrepublik Deutschland
2516:Directive on Privacy and Electronic Communications
1896:European Commission Press Release posted 10/2/2016
1779:
1055:
1053:
1051:
736:Directive 2014/65/EU / Regulation (EU) No 600/2014
1527:
1525:
2901:
2546:Directive on the energy performance of buildings
979:"European Parliament passes "sensible" MiFID II"
2830:Ralf Sieckmann v Deutsches Patent und Markenamt
1048:
1005:"ESMA unveils final guidance on MiFID II rules"
757:on OTC derivatives, central counterparties and
492:texts are sometimes referred to as "soft law".
296:Markets in Financial Instruments Directive 2014
255:Markets in Financial Instruments Directive 2004
1522:
1348:, §§11:4 – 11:7 (Thomson West, 2017–2018 ed.).
1169:
1167:
1130:
976:
949:. Official Journal of the European Union. 2006
919:. Official Journal of the European Union. 2006
898:This option was not taken up by all EU states.
420:and strengthen existing investor protections.
2815:Palacios de la Villa v Cortefiel Servicios SA
2641:Restriction of Hazardous Substances Directive
1919:
1391:"Private law enforcement of MiFID II / MiFIR"
1243:
209:
46:Directive on markets in financial instruments
2651:Directive on services in the internal market
2601:Directive on the legal protection of designs
1306:"ESMA: Interactive Single Rulebook MiFID II"
1002:
844:(similar United States legislation to MiFID)
2730:Allonby v Accrington and Rossendale College
2581:Integrated Pollution Prevention and Control
2500:Directive 2000/43/EC on Anti-discrimination
2475:Dangerous Substances Directive (67/548/EEC)
1595:Quick View: Are Emir and MiFID now delayed?
1211:
1164:
1140:European Banking and Financial Services Law
908:
906:
904:
774:Association for Financial Markets in Europe
477:Committee of European Securities Regulators
390:Committee of European Securities Regulators
2606:Markets in Financial Instruments Directive
1926:
1912:
1672:
458:MiFID 1, implemented through the standard
372:MiFID 1, implemented through the standard
223:
216:
202:
1717:
1237:
1189:
1110:
1022:
944:"COMMISSION REGULATION (EC) No 1287/2006"
552:Authorisation, regulation and passporting
407:
2586:Internal Market in Electricity Directive
2571:European units of measurement directives
2460:Copyright Duration Directive (93/98/EEC)
2330:Commission Regulation (EU) No. 1170/2011
1751:Pearlman, Elisabeth (15 December 2017).
1750:
1673:McGoldrick, Stephen (15 February 2012).
938:
936:
934:
901:
2750:ChacĂłn Navas v Eurest Colectividades SA
1944:Judiciary and law of the European Union
1199:. European Commission. 18 February 2015
970:
632:
2920:European Union financial market policy
2902:
2465:Copyright Term Directive (2006/116/EC)
2372:Commission Regulation (EC) No 474/2006
2325:Commission Regulation (EC) No. 2257/94
1958:Court of Justice of the European Union
1361:, §11:8 (Thomson West, 2017–2018 ed.).
1219:"Consultation Paper on MiFID II/MiFIR"
1104:
1092:. European Commission. 20 October 2011
1079:
996:
772:and commodity price manipulation. The
2681:Urban Waste Water Treatment Directive
2671:Unfair Commercial Practices Directive
2387:Rule of Law Conditionality Regulation
2305:Council Regulation (EC) No. 1348/2000
2300:Council Regulation (EC) No. 1206/2001
1907:
1777:
1625:
1275:
1177:. European Commission. 21 August 2012
931:
446:. The Committee was chaired by Baron
197:
2871:Accountability in the European Union
1285:. European Commission. 21 April 2004
1283:"MiFID Level 1 Directive 2004/39/EC"
404:been effective from 3 January 2018.
2656:Temporary and Agency Work Directive
2143:Commission and Council acting alone
1881:CESR guidelines and recommendations
888:from the original on 23 March 2017.
794:Within days of coming into effect,
597:Inducements and investment research
13:
1778:Meyer, Gregory (11 January 2018).
14:
2941:
2566:European SEA Directive 2001/42/EC
2561:Environmental liability directive
1854:
1371:MiFID Transposition state of play
1003:Hannah Smith (19 December 2014).
914:"COMMISSION DIRECTIVE 2006/73/EC"
689:
529:, which were not covered by ISD.
434:MiFID 1 was introduced under the
341:MiFID 1 was a cornerstone of the
2480:Dangerous Preparations Directive
2405:Good Clinical Practice Directive
1936:
1303:
977:Elliott Holley (16 April 2014).
662:
34:
2611:Measuring Instruments Directive
2440:Capital Requirements Directives
2355:Regulation on Community designs
1825:
1799:
1771:
1744:
1703:
1685:
1666:
1654:
1642:
1619:
1600:
1588:
1569:
1547:
1510:
1485:
1460:
1435:
1409:
1383:
1364:
1351:
1338:
1316:
1297:
1061:"Legislation in force: MiFID I"
708:European Union (Withdrawal) Act
644:multilateral trading facilities
2825:Procureur du Roi v Dassonville
2536:End of Life Vehicles Directive
2128:Ordinary legislative procedure
1517:MiFID implementation in France
1137:Walburga Hemetsberger (2008).
1030:"MiFID II – what is changing?"
961:
892:
874:
837:Investment Company Act of 1940
347:Financial Services Action Plan
1:
2795:Microsoft Corp. v. Commission
2646:Satellite and Cable Directive
2510:Information Society Directive
2340:Regulation on roaming charges
2058:Charter of Fundamental Rights
1891:T2S Project of the Eurosystem
1626:Reeve, Nick (29 March 2012).
1417:"Transaction reporting fines"
1310:ESMA MiFID II Single Rulebook
868:
481:European Securities Committee
464:Council of the European Union
394:European Securities Committee
378:Council of the European Union
2691:Waste Incineration Directive
2626:Pressure Equipment Directive
2455:Conditional Access Directive
2310:Customs Regulation 1383/2003
2247:Principle of legal certainty
696:Financial Services Authority
546:
7:
2676:Universal Service Directive
2512:(first Copyright directive)
2450:Computer Programs Directive
2430:Biocidal Products Directive
2315:Regulation (EC) No 261/2004
1555:"NetNames: Noms de domaine"
1533:"NetNames: Noms de domaine"
1111:Neil Hume (22 March 2015).
805:
755:Regulation (EU) No 648/2012
680:Financial Conduct Authority
499:
10:
2946:
2915:2014 in the European Union
2866:European Anti-Fraud Office
2335:Customs Regulation 3295/94
2197:European Enforcement Order
1807:"02014L0065-20160701 - EN"
713:
486:
470:
453:
276:Solvency II Directive 2009
2930:European Union directives
2879:
2853:
2714:
2701:Water Framework Directive
2696:Waste framework directive
2616:Medical Devices Directive
2445:Clinical Trials Directive
2425:Best available technology
2410:Data Protection Directive
2395:
2292:
2156:
2120:
2071:
2013:
1963:European Court of Justice
1950:
1876:European Commission pages
796:Intercontinental Exchange
722:
282:
273:
262:
251:
240:
229:
187:
173:
165:
160:
152:
141:
130:
119:
114:
106:
98:
90:
85:
72:
64:
50:
42:
33:
26:
2621:Posted Workers Directive
2485:Data Retention Directive
853:Stock market equivalence
504:
479:and negotiations in the
392:and negotiations in the
28:European Union directive
2636:Resale Rights Directive
2242:Precautionary principle
2148:Commission acting alone
1675:"Making Sense of MiFID"
884:. European Commission.
625:Systematic Internaliser
619:Systematic Internaliser
588:Post-trade transparency
2840:Van Duyn v Home Office
2765:Coleman v Attridge Law
2706:Working Time Directive
2257:Principle of conferral
2133:Consultation procedure
1995:Relationship with ECHR
1985:Civil Service Tribunal
1871:EU legislation summary
1376:8 October 2011 at the
1244:Chris Skinner (2007).
1221:. ESMA. Archived from
1175:"Codecision Flowchart"
832:Institutional investor
770:high-frequency trading
656:financial data vendors
648:European Economic Area
579:Pre-trade transparency
408:Background and history
316:European Economic Area
224:Investment law sources
2884:European Union portal
2661:Trade Marks Directive
2232:Maximum harmonisation
2227:Minimum harmonisation
2212:Home state regulation
1612:21 March 2011 at the
1581:21 March 2011 at the
1468:"Banking Supervision"
1252:John Wiley & Sons
570:Client order handling
561:Client categorisation
460:co-decision procedure
444:Committee of Wise Men
427:(EC) was read by the
374:co-decision procedure
355:Committee of Wise Men
2182:Direct applicability
2170:Acquis communautaire
2112:Digital Services Act
822:European company law
812:Directive 2011/61/EU
633:Market fragmentation
610:best possible result
448:Alexandre Lamfalussy
436:Lamfalussy procedure
359:Alexandre Lamfalussy
302:, commonly known as
182:Directive 2011/61/EU
178:Directive 2002/92/EC
169:Directive 2004/39/EC
22:Directive 2014/65/EU
2735:Apostolides v Orams
2470:Cosmetics Directive
2192:European labour law
2095:Framework Directive
2033:Single European Act
2005:European civil code
1713:. 10 February 2016.
1380:European Commission
1065:European Commission
778:proprietary trading
764:In March 2012, MEP
442:recommended by the
440:four-level approach
429:European Parliament
425:European Commission
401:European Parliament
382:European Parliament
343:European Commission
336:investor protection
188:Current legislation
107:Implementation date
80:L 173, 12 June 2014
55:European Parliament
23:
2591:Landfill Directive
2576:Habitats Directive
2490:Database Directive
2382:Rome II Regulation
2237:Preliminary ruling
1397:. 6 September 2017
1197:"MiFID – Archives"
1067:. 18 February 2015
1036:on 3 February 2015
983:Banking Technology
827:German company law
759:trade repositories
527:carbon derivatives
351:Lamfalussy process
68:Article 53(1) TFEU
21:
16:European Union law
2897:
2896:
2861:Court of Auditors
2420:Battery Directive
2361:Societas Europaea
2320:EU-Eco-regulation
2222:Incidental effect
2138:Consent procedure
2038:Maastricht Treaty
2000:Public Prosecutor
1973:Advocates General
1866:Text of directive
848:Request for quote
782:crossing networks
730:Règlement Général
357:chaired by Baron
292:
291:
192:
191:
161:Other legislation
115:Preparative texts
2937:
2845:Van Gend en Loos
2631:Rental Directive
2043:Amsterdam Treaty
1942:
1941:
1940:
1928:
1921:
1914:
1905:
1904:
1849:
1848:
1846:
1844:
1829:
1823:
1822:
1820:
1818:
1803:
1797:
1796:
1794:
1792:
1783:
1775:
1769:
1768:
1766:
1764:
1759:. GlobalData plc
1748:
1742:
1741:
1739:
1737:
1732:. Nikkei Company
1721:
1715:
1714:
1707:
1701:
1700:
1689:
1683:
1682:
1670:
1664:
1663:20, October 2011
1658:
1652:
1646:
1640:
1639:
1634:. Archived from
1623:
1617:
1604:
1598:
1592:
1586:
1573:
1567:
1566:
1564:
1562:
1551:
1545:
1544:
1542:
1540:
1529:
1520:
1514:
1508:
1507:
1505:
1503:
1489:
1483:
1482:
1480:
1478:
1464:
1458:
1457:
1455:
1453:
1439:
1433:
1432:
1430:
1428:
1413:
1407:
1406:
1404:
1402:
1387:
1381:
1368:
1362:
1357:Lemke and Lins,
1355:
1349:
1344:Lemke and Lins,
1342:
1336:
1335:
1334:on 10 June 2009.
1330:. Archived from
1320:
1314:
1313:
1301:
1295:
1294:
1292:
1290:
1279:
1273:
1272:
1270:
1268:
1241:
1235:
1234:
1232:
1230:
1215:
1209:
1208:
1206:
1204:
1193:
1187:
1186:
1184:
1182:
1171:
1162:
1161:
1159:
1157:
1134:
1128:
1127:
1125:
1123:
1108:
1102:
1101:
1099:
1097:
1091:
1083:
1077:
1076:
1074:
1072:
1057:
1046:
1045:
1043:
1041:
1026:
1020:
1019:
1017:
1015:
1000:
994:
993:
991:
989:
974:
968:
965:
959:
958:
956:
954:
948:
940:
929:
928:
926:
924:
918:
910:
899:
896:
890:
889:
878:
320:EU member states
267:
256:
245:
234:
218:
211:
204:
195:
194:
99:Entry into force
38:
37:
24:
20:
2945:
2944:
2940:
2939:
2938:
2936:
2935:
2934:
2900:
2899:
2898:
2893:
2875:
2849:
2745:Cassis de Dijon
2710:
2435:Birds Directive
2391:
2345:Brussels Regime
2288:
2274:State liability
2262:Proportionality
2217:Indirect effect
2163:
2161:
2152:
2116:
2067:
2009:
1990:European lawyer
1946:
1935:
1934:
1932:
1901:
1857:
1852:
1842:
1840:
1839:. 27 March 2019
1831:
1830:
1826:
1816:
1814:
1805:
1804:
1800:
1790:
1788:
1786:Financial Times
1776:
1772:
1762:
1760:
1749:
1745:
1735:
1733:
1730:Financial Times
1722:
1718:
1709:
1708:
1704:
1691:
1690:
1686:
1671:
1667:
1659:
1655:
1651:13 January 2012
1647:
1643:
1638:on 21 May 2012.
1632:Financial Times
1624:
1620:
1614:Wayback Machine
1605:
1601:
1593:
1589:
1585:20 October 2011
1583:Wayback Machine
1574:
1570:
1560:
1558:
1553:
1552:
1548:
1538:
1536:
1531:
1530:
1523:
1515:
1511:
1501:
1499:
1491:
1490:
1486:
1476:
1474:
1466:
1465:
1461:
1451:
1449:
1441:
1440:
1436:
1426:
1424:
1415:
1414:
1410:
1400:
1398:
1395:www.39essex.com
1389:
1388:
1384:
1378:Wayback Machine
1369:
1365:
1356:
1352:
1343:
1339:
1322:
1321:
1317:
1302:
1298:
1288:
1286:
1281:
1280:
1276:
1266:
1264:
1262:
1242:
1238:
1228:
1226:
1225:on 8 April 2015
1217:
1216:
1212:
1202:
1200:
1195:
1194:
1190:
1180:
1178:
1173:
1172:
1165:
1155:
1153:
1151:
1135:
1131:
1121:
1119:
1117:Financial Times
1109:
1105:
1095:
1093:
1089:
1085:
1084:
1080:
1070:
1068:
1059:
1058:
1049:
1039:
1037:
1028:
1027:
1023:
1013:
1011:
1009:Investment Week
1001:
997:
987:
985:
975:
971:
966:
962:
952:
950:
946:
942:
941:
932:
922:
920:
916:
912:
911:
902:
897:
893:
880:
879:
875:
871:
808:
740:In April 2010,
738:
725:
716:
692:
665:
635:
549:
507:
502:
489:
473:
456:
410:
293:
288:
278:
269:
265:
258:
254:
247:
243:
236:
232:
225:
222:
35:
17:
12:
11:
5:
2943:
2933:
2932:
2927:
2922:
2917:
2912:
2895:
2894:
2892:
2891:
2886:
2880:
2877:
2876:
2874:
2873:
2868:
2863:
2857:
2855:
2851:
2850:
2848:
2847:
2842:
2837:
2832:
2827:
2822:
2817:
2812:
2807:
2802:
2797:
2792:
2787:
2782:
2777:
2772:
2767:
2762:
2757:
2752:
2747:
2742:
2737:
2732:
2718:
2716:
2712:
2711:
2709:
2708:
2703:
2698:
2693:
2688:
2683:
2678:
2673:
2668:
2663:
2658:
2653:
2648:
2643:
2638:
2633:
2628:
2623:
2618:
2613:
2608:
2603:
2598:
2593:
2588:
2583:
2578:
2573:
2568:
2563:
2558:
2553:
2548:
2543:
2538:
2533:
2528:
2523:
2518:
2513:
2507:
2502:
2497:
2495:Database right
2492:
2487:
2482:
2477:
2472:
2467:
2462:
2457:
2452:
2447:
2442:
2437:
2432:
2427:
2422:
2417:
2415:ATEX directive
2412:
2407:
2401:
2399:
2393:
2392:
2390:
2389:
2384:
2379:
2374:
2369:
2364:
2357:
2352:
2350:CLP Regulation
2347:
2342:
2337:
2332:
2327:
2322:
2317:
2312:
2307:
2302:
2296:
2294:
2290:
2289:
2287:
2286:
2281:
2276:
2271:
2268:Staatenverbund
2264:
2259:
2254:
2249:
2244:
2239:
2234:
2229:
2224:
2219:
2214:
2209:
2204:
2199:
2194:
2189:
2184:
2179:
2178:
2177:
2166:
2164:
2157:
2154:
2153:
2151:
2150:
2145:
2140:
2135:
2130:
2124:
2122:
2118:
2117:
2115:
2114:
2109:
2107:Recommendation
2104:
2099:
2098:
2097:
2087:
2077:
2075:
2069:
2068:
2066:
2065:
2060:
2055:
2050:
2045:
2040:
2035:
2030:
2025:
2019:
2017:
2011:
2010:
2008:
2007:
2002:
1997:
1992:
1987:
1982:
1977:
1976:
1975:
1970:
1960:
1954:
1952:
1948:
1947:
1931:
1930:
1923:
1916:
1908:
1899:
1898:
1893:
1888:
1883:
1878:
1873:
1868:
1863:
1856:
1855:External links
1853:
1851:
1850:
1824:
1798:
1770:
1743:
1716:
1702:
1684:
1665:
1653:
1641:
1618:
1599:
1587:
1568:
1546:
1521:
1519:AMF-France.org
1509:
1484:
1459:
1434:
1408:
1382:
1363:
1350:
1337:
1328:www.celent.com
1315:
1296:
1274:
1260:
1236:
1210:
1188:
1163:
1149:
1129:
1103:
1078:
1047:
1021:
995:
969:
960:
930:
900:
891:
872:
870:
867:
866:
865:
860:
858:UK company law
855:
850:
845:
839:
834:
829:
824:
819:
814:
807:
804:
737:
734:
724:
721:
715:
712:
691:
690:United Kingdom
688:
664:
661:
639:trading venues
634:
631:
630:
629:
621:
615:
614:
606:
605:Best execution
602:
601:
598:
594:
593:
589:
585:
584:
580:
576:
575:
571:
567:
566:
562:
558:
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553:
548:
545:
506:
503:
501:
498:
488:
485:
472:
469:
455:
452:
409:
406:
312:European Union
290:
289:
283:
280:
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263:
260:
259:
252:
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248:
241:
238:
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158:
157:
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149:
146:
139:
138:
135:
128:
127:
124:
117:
116:
112:
111:
110:3 January 2018
108:
104:
103:
100:
96:
95:
92:
88:
87:
83:
82:
77:
70:
69:
66:
62:
61:
52:
48:
47:
44:
40:
39:
31:
30:
15:
9:
6:
4:
3:
2:
2942:
2931:
2928:
2926:
2925:Systemic risk
2923:
2921:
2918:
2916:
2913:
2911:
2908:
2907:
2905:
2890:
2887:
2885:
2882:
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2867:
2864:
2862:
2859:
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2852:
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2843:
2841:
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2836:
2833:
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2828:
2826:
2823:
2821:
2818:
2816:
2813:
2811:
2808:
2806:
2803:
2801:
2798:
2796:
2793:
2791:
2788:
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2713:
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2702:
2699:
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2669:
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2662:
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2657:
2654:
2652:
2649:
2647:
2644:
2642:
2639:
2637:
2634:
2632:
2629:
2627:
2624:
2622:
2619:
2617:
2614:
2612:
2609:
2607:
2604:
2602:
2599:
2597:
2594:
2592:
2589:
2587:
2584:
2582:
2579:
2577:
2574:
2572:
2569:
2567:
2564:
2562:
2559:
2557:
2554:
2552:
2549:
2547:
2544:
2542:
2541:CHP Directive
2539:
2537:
2534:
2532:
2529:
2527:
2524:
2522:
2519:
2517:
2514:
2511:
2508:
2506:
2503:
2501:
2498:
2496:
2493:
2491:
2488:
2486:
2483:
2481:
2478:
2476:
2473:
2471:
2468:
2466:
2463:
2461:
2458:
2456:
2453:
2451:
2448:
2446:
2443:
2441:
2438:
2436:
2433:
2431:
2428:
2426:
2423:
2421:
2418:
2416:
2413:
2411:
2408:
2406:
2403:
2402:
2400:
2398:
2394:
2388:
2385:
2383:
2380:
2378:
2375:
2373:
2370:
2368:
2365:
2363:
2362:
2358:
2356:
2353:
2351:
2348:
2346:
2343:
2341:
2338:
2336:
2333:
2331:
2328:
2326:
2323:
2321:
2318:
2316:
2313:
2311:
2308:
2306:
2303:
2301:
2298:
2297:
2295:
2291:
2285:
2282:
2280:
2277:
2275:
2272:
2270:
2269:
2265:
2263:
2260:
2258:
2255:
2253:
2250:
2248:
2245:
2243:
2240:
2238:
2235:
2233:
2230:
2228:
2225:
2223:
2220:
2218:
2215:
2213:
2210:
2208:
2207:Four freedoms
2205:
2203:
2200:
2198:
2195:
2193:
2190:
2188:
2187:Direct effect
2185:
2183:
2180:
2176:
2173:
2172:
2171:
2168:
2167:
2165:
2160:
2155:
2149:
2146:
2144:
2141:
2139:
2136:
2134:
2131:
2129:
2126:
2125:
2123:
2119:
2113:
2110:
2108:
2105:
2103:
2100:
2096:
2093:
2092:
2091:
2088:
2086:
2082:
2079:
2078:
2076:
2074:
2070:
2064:
2061:
2059:
2056:
2054:
2053:Lisbon Treaty
2051:
2049:
2046:
2044:
2041:
2039:
2036:
2034:
2031:
2029:
2028:Merger Treaty
2026:
2024:
2021:
2020:
2018:
2016:
2012:
2006:
2003:
2001:
1998:
1996:
1993:
1991:
1988:
1986:
1983:
1981:
1980:General Court
1978:
1974:
1971:
1969:
1966:
1965:
1964:
1961:
1959:
1956:
1955:
1953:
1949:
1945:
1939:
1929:
1924:
1922:
1917:
1915:
1910:
1909:
1906:
1902:
1897:
1894:
1892:
1889:
1887:
1884:
1882:
1879:
1877:
1874:
1872:
1869:
1867:
1864:
1862:
1859:
1858:
1838:
1834:
1828:
1812:
1808:
1802:
1787:
1782:
1774:
1758:
1754:
1747:
1731:
1727:
1720:
1712:
1706:
1698:
1694:
1688:
1680:
1676:
1669:
1662:
1657:
1650:
1645:
1637:
1633:
1629:
1622:
1616:29 March 2012
1615:
1611:
1608:
1603:
1596:
1591:
1584:
1580:
1577:
1572:
1556:
1550:
1534:
1528:
1526:
1518:
1513:
1498:
1494:
1488:
1473:
1469:
1463:
1448:
1447:Practical Law
1444:
1438:
1423:. 30 May 2016
1422:
1418:
1412:
1396:
1392:
1386:
1379:
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