Proposal for a Directive amending Directive 2014/65/EU on markets in financial instruments

Author (Corporate)
Series Details COM (2021) 726
Publication Date 25/11/2021
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Legislative initiative - adopted by the European Commission on 25 November 2021 - introducing amendments to Directive 2014/65/EU on markets in financial instruments (MiFID II). This is a text with EEA relevance.

Further information:

Directive 2014/65/EU - also known as the second Markets in Financial Instruments Directive (MiFID II) - introduced a legal framework seeking to improve the regulation of trading activities on financial markets as well as enhanced investor protection.

In the framework of the work undertaken to fully implement the Capital Markets Union (CMU), the European Commission identified three priority areas that required reviewing: improving transparency and availability of market data, improving the level-playing field between execution venues and ensuring that European Union's market infrastructures can remain competitive at international level. In a Communication adopted in January 2021, the European Commission confirmed its intention to propose the improvement, simplification and harmonisation of capital markets' transparency. This would be done through the review of the MiFID 2 and MiFIR. Such a reform would include the design and implementation of a consolidated tape, in particular for corporate bond issuances with an aim of increasing the liquidity of secondary trading 3 in euro-denominated debt instruments.

A package of legislative measures adopted on 25 November 2021 included draft laws proposing the review of the two acts. This proposal holds incidental modifications to MiFID II which became necessary to ensure coherence with the MiFIR review tabled simultaneously. The Council of the European Union adopted a general approach on 20 December 2022.

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Commentary and Analysis
European Consumer Organisation (BEUC): Position Papers, 03/02/2022: Review of the markets in financial instruments regulation / MIFID II - A consumer perspective
EPRS: Briefing, June 2022: Review of rules on financial market data - Initial Appraisal of a European Commission Impact Assessment
Centre for European Policy Studies (CEPS): Commentary, 24/06/2022: Taking stock of the MiFID and MiFIR review and what still needs to be done
EPRS: Briefing, June 2022: Amendments to MiFID II and MiFIR: The EU's markets in financial instruments
EurActiv: Opinion, 17/11/2022: We need to put an urgent stop to conflicts of interests in financial advice
PricewaterhouseCoopers (PwC Switzerland): Research and Insights, 02/12/2022: Update on MiFID II and MiFIR review
PricewaterhouseCoopers (PwC Switzerland): Research and Insights, 10/01/2023: MiFID II and MiFIR review: agreement reached by Council

EUR-LEX: SWD(2021)346: Staff Working Document accompanying the Proposal - Impact Assessment Report
EUR-LEX: SWD(2021)347: Staff Working Document accompanying the Proposal - Executive Summary of the Impact Assessment Report
European Parliament: Legislative Observatory: Procedure File for Proposal on Amendments to the Markets in Financial Instruments Directive (MiFID 2) (2021/0384(COD))
European Parliament: Legislative Train Schedule: Review of the regulatory framework for investment firms and market operators (MiFIDII and MiFIR)
European Commission: Publications: Capital markets union: Commission adopts package to ensure better data access and revamped investment rules
European Commission: Press Release, 25/11/2021: Capital Markets Union: Commission proposes new measures to boost Europe's capital markets
European Commission: Questions and Answers on the 2021 Capital Markets Union package (25 November 2021)
Council of the European Union: Press Release, 20/12/2022: Capital markets union: Council agrees negotiating mandate on proposal to strengthen market transparency

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