372:. 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.
799:
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.
1949:
730:
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.
47:
594:
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.)
787:(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
812:
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
729:
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
712:
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
375:
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
520:
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
414:
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
524:
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
798:
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
566:
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
442:(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.
685:
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
602:
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
575:
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
738:
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
502:
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
759:
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
755:
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.
423:
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,
593:
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
623:
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
896:
763:
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
638:
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
477:
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.
669:
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.
2531:
325:(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
2541:
652:
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
873:
1638:
892:
686:
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.
380:" 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.
584:
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
454:
365:
2387:
664:
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
2795:
716:
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
1453:
2606:
554:), 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.
2810:
2855:
2755:
2676:
1936:
2005:
1503:
1646:
1098:"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"
242:
2815:
2377:
486:
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
407:, 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.
2785:
494:
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.
253:
2835:
2536:
2526:
2696:
2068:
802:
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.
275:
809:
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.
1914:
682:
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.
2830:
427:
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
2382:
713:
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.
2556:
1978:
567:
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).
2930:
2840:
1929:
264:
2661:
1040:
2825:
2651:
978:
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.
2611:
611:
One of the most controversial aspects of MiFID 2 is that it severely restricts asset managers' ability to obtain investment research with client commissions.
1384:
2740:
2591:
784:
752:
487:
400:
2681:
1922:
2760:
528:
MiFID 1 covers almost all tradable financial products except for certain foreign exchange trades. This includes commodity and other derivatives such as
709:(FSA), now the FCA, was the body responsible for the regulation of the securities industry in the United Kingdom during the period of implementation.
2732:
504:
619:
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
2596:
2581:
2340:
2169:
1334:
399:
specified technical implementation measures (Level 2). These measures were adopted by the European Commission based on technical advice from the
1229:
1149:
2571:
2335:
2010:
1968:
1843:
142:
84:
1886:
1015:
2691:
2397:
1995:
1620:
1589:
2881:
2666:
2158:
2153:
2138:
2105:
718:
2925:
2197:
1659:
461:. There are three other "Lamfalussy Directives": the Prospectus Directive, the Market Abuse Directive, and the Transparency Directive.
2940:
2350:
330:
226:
1293:
360:, whose measures changed how EU financial service markets operate. It is the most significant piece of legislation introduced in the
2636:
2576:
2515:
2407:
2212:
1983:
1270:
1159:
377:
2770:
2686:
2490:
2415:
1478:
410:
After its initial implementation, MiFID 1 was intended to be reviewed. After extensive discussion and debate, in April 2014, the
349:, as well as level the playing field for market participants in investment services. It repeals Directive 2004/39/EC (MiFID 1).
2621:
2450:
2365:
2117:
2083:
2566:
2546:
2325:
2073:
2025:
1990:
847:
357:
1871:
2805:
2656:
2631:
2520:
2294:
760:
February 2011. On 26 May 2011, the Commission was reported to be working to present its proposals before the end of 2011.
654:
491:
474:
404:
388:
69:
1401:
2701:
2510:
2470:
2465:
2320:
1316:
954:
924:
813:
trade transparency data. The European Securities and Markets Authority is to support the Commission with this exercise.
706:
2716:
2460:
2440:
2095:
1044:
765:
690:
576:
appropriateness of any investment advice or suggested financial transaction must still be verified before being given.
1097:
2876:
2871:
2505:
2345:
2207:
2100:
1427:
546:
Celent, a financial services consultancy, estimated in 2007 that under MiFID 1, the three largest EU jurisdictions—
396:
318:
286:
38:
1817:
989:
661:(EEA). This results in an additional amount of work to benefit from the transparency that MiFID 2 has introduced.
310:
2711:
2706:
2626:
2455:
2435:
2420:
2112:
1973:
1381:
806:
376:
and mutual recognition" concept. "Maximum harmonization" does not permit states to be "super equivalent" or to "
2495:
2475:
863:
795:, which would prevent brokers from using their pools to unwind risk on behalf of a client or the bank itself.
635:
629:
2646:
2252:
1660:
Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
1123:
507:
has issued a large number of level 3 texts on MiFiD II in the form of documents and questions and answers.
2935:
2850:
2775:
2267:
2217:
2143:
842:
780:
666:
658:
326:
219:
188:
17:
2894:
2765:
2671:
2561:
2272:
2242:
2237:
2222:
1881:
470:
384:
90:
1703:
1605:
2920:
2616:
2485:
2192:
2180:
2122:
2091:
1262:
1233:
832:
822:
689:
Notable examples of how national courts have dealt with several MiFID 2-related cases include the UK
458:
369:
364:
designed to accelerate the adoption of legislation based on a four-level approach recommended by the
192:
779:
suggested amendments to the European Commission's proposals, intended to strengthen restrictions on
2745:
2480:
2310:
2202:
2053:
2043:
2015:
1891:
1543:
1075:
788:
679:
450:
439:
435:
411:
392:
353:
346:
153:
131:
65:
1906:
1791:
1736:
1721:
1617:
1586:
2790:
2601:
2586:
2500:
2392:
2315:
2262:
2247:
1954:
837:
533:
446:
361:
1071:
893:"Investment services and regulated markets - Markets in financial instruments directive (MiFID)"
1901:
1565:
2430:
2371:
2330:
2232:
2148:
2048:
1266:
1155:
858:
537:
212:
1872:
MiFID 2.0. Casting New Light on Europe's Capital Markets – Centre for European Policy Studies
1207:
2641:
2063:
1763:
792:
769:
529:
2516:
Directive establishing a general framework for equal treatment in employment and occupation
1764:"Banks want to delay a key part of the Mifid II legislation ahead of next month's deadline"
1185:
543:
That part of a firm's business that is not covered by the above is not subject to MiFID 1.
2445:
2355:
2284:
2257:
2227:
2000:
1671:
1624:
1593:
1388:
2532:
Directive on the Promotion of the use of biofuels and other renewable fuels for transport
1527:
648:
Although MiFID 2 was intended to increase transparency for prices, the fragmentation of
2425:
2360:
2278:
2058:
2033:
1948:
868:
620:
322:
697:
v. Deutsche Bank which protected MiFD 2’s regulations for German financial companies.
2914:
2800:
2750:
2551:
2038:
776:
649:
428:
342:
2820:
2780:
2289:
424:
weaknesses in ISD's structure became apparent during the financial crisis in 2008.
1704:"Investment Services | MiFID 2 | Licence Authorisation & Compliance"
1685:
1256:
2845:
1876:
2899:
1722:"Commission extends by one year the application date for the MiFID II package"
693:(FCA)’s use of British courts to enforce financial regulations, and Germany’s
1342:
874:
Undertakings for Collective Investment in Transferable Securities Directives
395:, set out a detailed framework for the legislation. Twenty articles of this
1896:
1587:
Investment Services Directive – Markets in Financial Instruments Directive
449:, which was designed to accelerate the adoption of legislation based on a
204:
2736:
2185:
852:
551:
525:
subject to MiFID 1 but also can not benefit from the MiFID 1 passport.
334:
1844:"ESMA writes to European Commission on MiFID II/MiFIR Review reports"
827:
721:. Thus, the FCA continues to enforce MiFID-like rules domestically.
547:
338:
296:
1735:
Stafford, Philip; Noonan, Laura; Murphy, Hannah (14 December 2017).
1124:"Trafigura says European trading rules have 'little justification'"
2796:
Kamer van Koophandel en Fabrieken voor Amsterdam v Inspire Art Ltd
694:
2542:
Directive on Electricity Production from Renewable Energy Sources
2607:
Directive on the legal protection of biotechnological inventions
1918:
657:, Systematic Internalisers and other exchanges from around the
208:
1043:. Financial Conduct Authority. 9 December 2014. Archived from
2811:
Marleasing SA v La Comercial Internacional de Alimentacion SA
434:
During the approval process for MiFID 1, a proposal from the
2562:
Directive on the enforcement of intellectual property rights
1335:"MiFID: Unraveling Post-Trade Market Dynamics | Celent"
2677:
European Directive on Traditional Herbal Medicinal Products
2567:
Directive 2004/38/EC on the right to move and reside freely
1618:
FT: Mifid amendment calls for commission ban to be scrapped
1639:"Mifid amendment calls for commission ban to be scrapped"
678:
MiFID 2 and its accompanying implementing directive were
1737:"Banks lobby for reprieve on key part of Mifid II rules"
1672:
Review of the Markets in Financial Instruments Directive
1258:
The Future of Investing in Europe's Markets after MiFID
244:
Institutions for Occupational Retirement Directive 2003
2378:
European Union System for the Evaluation of Substances
345:. Its main objectives are to increase competition and
1792:"London loses oil futures listings as Mifid II bites"
1504:"Deutsche Bank AG: BaFin imposes administrative fine"
255:
Undertakings for Collective Investment Directive 2009
2537:
Directive on the re-use of public sector information
1154:. European Association of Public Banks. p. 67.
2864:
2725:
2697:
Waste Electrical and Electronic Equipment Directive
2406:
2303:
2167:
2131:
2082:
2024:
1961:
1370:
Soft Dollars, MiFID II and Other Trading Activities
1357:
Soft Dollars, MiFID II and Other Trading Activities
277:
Alternative Investment Fund Managers Directive 2011
184:
176:
171:
163:
152:
141:
130:
125:
117:
109:
101:
96:
83:
75:
61:
53:
2831:Peter Paul and Others v Bundesrepublik Deutschland
2527:Directive on Privacy and Electronic Communications
1907:European Commission Press Release posted 10/2/2016
1790:
1066:
1064:
1062:
747:Directive 2014/65/EU / Regulation (EU) No 600/2014
1538:
1536:
2557:Directive on the energy performance of buildings
990:"European Parliament passes "sensible" MiFID II"
2841:Ralf Sieckmann v Deutsches Patent und Markenamt
1016:"ESMA unveils final guidance on MiFID II rules"
768:on OTC derivatives, central counterparties and
503:texts are sometimes referred to as "soft law".
307:Markets in Financial Instruments Directive 2014
266:Markets in Financial Instruments Directive 2004
1359:, §§11:4 – 11:7 (Thomson West, 2017–2018 ed.).
1180:
1178:
960:. Official Journal of the European Union. 2006
930:. Official Journal of the European Union. 2006
909:This option was not taken up by all EU states.
431:and strengthen existing investor protections.
2826:Palacios de la Villa v Cortefiel Servicios SA
2652:Restriction of Hazardous Substances Directive
1930:
1402:"Private law enforcement of MiFID II / MiFIR"
220:
57:Directive on markets in financial instruments
8:
2662:Directive on services in the internal market
2612:Directive on the legal protection of designs
1317:"ESMA: Interactive Single Rulebook MiFID II"
855:(similar United States legislation to MiFID)
32:
2741:Allonby v Accrington and Rossendale College
2592:Integrated Pollution Prevention and Control
2511:Directive 2000/43/EC on Anti-discrimination
2486:Dangerous Substances Directive (67/548/EEC)
1606:Quick View: Are Emir and MiFID now delayed?
1151:European Banking and Financial Services Law
919:
917:
915:
785:Association for Financial Markets in Europe
488:Committee of European Securities Regulators
401:Committee of European Securities Regulators
2617:Markets in Financial Instruments Directive
1937:
1923:
1915:
469:MiFID 1, implemented through the standard
383:MiFID 1, implemented through the standard
227:
213:
205:
18:Markets in Financial Instruments Directive
955:"COMMISSION REGULATION (EC) No 1287/2006"
563:Authorisation, regulation and passporting
2597:Internal Market in Electricity Directive
2582:European units of measurement directives
2471:Copyright Duration Directive (93/98/EEC)
2341:Commission Regulation (EU) No. 1170/2011
1762:Pearlman, Elisabeth (15 December 2017).
1684:McGoldrick, Stephen (15 February 2012).
949:
947:
945:
2761:ChacĂłn Navas v Eurest Colectividades SA
1955:Judiciary and law of the European Union
1210:. European Commission. 18 February 2015
884:
2931:European Union financial market policy
2476:Copyright Term Directive (2006/116/EC)
2383:Commission Regulation (EC) No 474/2006
2336:Commission Regulation (EC) No. 2257/94
1969:Court of Justice of the European Union
1372:, §11:8 (Thomson West, 2017–2018 ed.).
1230:"Consultation Paper on MiFID II/MiFIR"
1103:. European Commission. 20 October 2011
783:and commodity price manipulation. The
31:
2692:Urban Waste Water Treatment Directive
2682:Unfair Commercial Practices Directive
2398:Rule of Law Conditionality Regulation
2316:Council Regulation (EC) No. 1348/2000
2311:Council Regulation (EC) No. 1206/2001
1188:. European Commission. 21 August 2012
457:. The Committee was chaired by Baron
7:
2882:Accountability in the European Union
1296:. European Commission. 21 April 2004
1294:"MiFID Level 1 Directive 2004/39/EC"
415:been effective from 3 January 2018.
2667:Temporary and Agency Work Directive
2154:Commission and Council acting alone
1892:CESR guidelines and recommendations
899:from the original on 23 March 2017.
805:Within days of coming into effect,
608:Inducements and investment research
1789:Meyer, Gregory (11 January 2018).
25:
2577:European SEA Directive 2001/42/EC
2572:Environmental liability directive
1382:MiFID Transposition state of play
1014:Hannah Smith (19 December 2014).
925:"COMMISSION DIRECTIVE 2006/73/EC"
540:, which were not covered by ISD.
445:MiFID 1 was introduced under the
352:MiFID 1 was a cornerstone of the
2491:Dangerous Preparations Directive
2416:Good Clinical Practice Directive
1947:
988:Elliott Holley (16 April 2014).
45:
2622:Measuring Instruments Directive
2451:Capital Requirements Directives
2366:Regulation on Community designs
1072:"Legislation in force: MiFID I"
719:European Union (Withdrawal) Act
655:multilateral trading facilities
2836:Procureur du Roi v Dassonville
2547:End of Life Vehicles Directive
2139:Ordinary legislative procedure
1528:MiFID implementation in France
1148:Walburga Hemetsberger (2008).
1041:"MiFID II – what is changing?"
848:Investment Company Act of 1940
358:Financial Services Action Plan
1:
2806:Microsoft Corp. v. Commission
2657:Satellite and Cable Directive
2521:Information Society Directive
2351:Regulation on roaming charges
2069:Charter of Fundamental Rights
1902:T2S Project of the Eurosystem
1637:Reeve, Nick (29 March 2012).
1428:"Transaction reporting fines"
1321:ESMA MiFID II Single Rulebook
492:European Securities Committee
475:Council of the European Union
405:European Securities Committee
389:Council of the European Union
2702:Waste Incineration Directive
2637:Pressure Equipment Directive
2466:Conditional Access Directive
2321:Customs Regulation 1383/2003
2258:Principle of legal certainty
707:Financial Services Authority
2687:Universal Service Directive
2523:(first Copyright directive)
2461:Computer Programs Directive
2441:Biocidal Products Directive
2326:Regulation (EC) No 261/2004
1566:"NetNames: Noms de domaine"
1544:"NetNames: Noms de domaine"
1122:Neil Hume (22 March 2015).
766:Regulation (EU) No 648/2012
691:Financial Conduct Authority
2957:
2926:2014 in the European Union
2877:European Anti-Fraud Office
2346:Customs Regulation 3295/94
2208:European Enforcement Order
1818:"02014L0065-20160701 - EN"
287:Solvency II Directive 2009
2941:European Union directives
2890:
2712:Water Framework Directive
2707:Waste framework directive
2627:Medical Devices Directive
2456:Clinical Trials Directive
2436:Best available technology
2421:Data Protection Directive
1974:European Court of Justice
1887:European Commission pages
807:Intercontinental Exchange
293:
284:
273:
262:
251:
240:
198:
44:
37:
2632:Posted Workers Directive
2496:Data Retention Directive
864:Stock market equivalence
490:and negotiations in the
403:and negotiations in the
39:European Union directive
2647:Resale Rights Directive
2253:Precautionary principle
2159:Commission acting alone
1686:"Making Sense of MiFID"
895:. European Commission.
636:Systematic Internaliser
630:Systematic Internaliser
599:Post-trade transparency
2851:Van Duyn v Home Office
2776:Coleman v Attridge Law
2717:Working Time Directive
2268:Principle of conferral
2144:Consultation procedure
2006:Relationship with ECHR
1996:Civil Service Tribunal
1882:EU legislation summary
1387:8 October 2011 at the
1255:Chris Skinner (2007).
1232:. ESMA. Archived from
1186:"Codecision Flowchart"
843:Institutional investor
781:high-frequency trading
667:financial data vendors
659:European Economic Area
590:Pre-trade transparency
419:Background and history
327:European Economic Area
235:Investment law sources
2895:European Union portal
2672:Trade Marks Directive
2243:Maximum harmonisation
2238:Minimum harmonisation
2223:Home state regulation
1623:21 March 2011 at the
1592:21 March 2011 at the
1479:"Banking Supervision"
1263:John Wiley & Sons
581:Client order handling
572:Client categorisation
471:co-decision procedure
455:Committee of Wise Men
438:(EC) was read by the
385:co-decision procedure
366:Committee of Wise Men
2193:Direct applicability
2181:Acquis communautaire
2123:Digital Services Act
833:European company law
823:Directive 2011/61/EU
644:Market fragmentation
621:best possible result
459:Alexandre Lamfalussy
447:Lamfalussy procedure
370:Alexandre Lamfalussy
313:, commonly known as
193:Directive 2011/61/EU
189:Directive 2002/92/EC
180:Directive 2004/39/EC
33:Directive 2014/65/EU
2746:Apostolides v Orams
2481:Cosmetics Directive
2203:European labour law
2106:Framework Directive
2044:Single European Act
2016:European civil code
1724:. 10 February 2016.
1391:European Commission
1076:European Commission
789:proprietary trading
775:In March 2012, MEP
453:recommended by the
451:four-level approach
440:European Parliament
436:European Commission
412:European Parliament
393:European Parliament
354:European Commission
347:investor protection
199:Current legislation
118:Implementation date
91:L 173, 12 June 2014
66:European Parliament
34:
2602:Landfill Directive
2587:Habitats Directive
2501:Database Directive
2393:Rome II Regulation
2248:Preliminary ruling
1408:. 6 September 2017
1208:"MiFID – Archives"
1078:. 18 February 2015
1047:on 3 February 2015
994:Banking Technology
838:German company law
770:trade repositories
538:carbon derivatives
362:Lamfalussy process
79:Article 53(1) TFEU
27:European Union law
2908:
2907:
2872:Court of Auditors
2431:Battery Directive
2372:Societas Europaea
2331:EU-Eco-regulation
2233:Incidental effect
2149:Consent procedure
2049:Maastricht Treaty
2011:Public Prosecutor
1984:Advocates General
1877:Text of directive
859:Request for quote
793:crossing networks
741:Règlement Général
368:chaired by Baron
303:
302:
203:
202:
172:Other legislation
126:Preparative texts
16:(Redirected from
2948:
2856:Van Gend en Loos
2642:Rental Directive
2054:Amsterdam Treaty
1953:
1952:
1951:
1939:
1932:
1925:
1916:
1860:
1859:
1857:
1855:
1840:
1834:
1833:
1831:
1829:
1814:
1808:
1807:
1805:
1803:
1794:
1786:
1780:
1779:
1777:
1775:
1770:. GlobalData plc
1759:
1753:
1752:
1750:
1748:
1743:. Nikkei Company
1732:
1726:
1725:
1718:
1712:
1711:
1700:
1694:
1693:
1681:
1675:
1674:20, October 2011
1669:
1663:
1657:
1651:
1650:
1645:. Archived from
1634:
1628:
1615:
1609:
1603:
1597:
1584:
1578:
1577:
1575:
1573:
1562:
1556:
1555:
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1540:
1531:
1525:
1519:
1518:
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1514:
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1494:
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1489:
1475:
1469:
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1466:
1464:
1450:
1444:
1443:
1441:
1439:
1424:
1418:
1417:
1415:
1413:
1398:
1392:
1379:
1373:
1368:Lemke and Lins,
1366:
1360:
1355:Lemke and Lins,
1353:
1347:
1346:
1345:on 10 June 2009.
1341:. Archived from
1331:
1325:
1324:
1312:
1306:
1305:
1303:
1301:
1290:
1284:
1283:
1281:
1279:
1252:
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1226:
1220:
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1204:
1198:
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1195:
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1182:
1173:
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1168:
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1139:
1138:
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1119:
1113:
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1110:
1108:
1102:
1094:
1088:
1087:
1085:
1083:
1068:
1057:
1056:
1054:
1052:
1037:
1031:
1030:
1028:
1026:
1011:
1005:
1004:
1002:
1000:
985:
979:
976:
970:
969:
967:
965:
959:
951:
940:
939:
937:
935:
929:
921:
910:
907:
901:
900:
889:
331:EU member states
278:
267:
256:
245:
229:
222:
215:
206:
110:Entry into force
49:
48:
35:
21:
2956:
2955:
2951:
2950:
2949:
2947:
2946:
2945:
2911:
2910:
2909:
2904:
2886:
2860:
2756:Cassis de Dijon
2721:
2446:Birds Directive
2402:
2356:Brussels Regime
2299:
2285:State liability
2273:Proportionality
2228:Indirect effect
2174:
2172:
2163:
2127:
2078:
2020:
2001:European lawyer
1957:
1946:
1945:
1943:
1912:
1868:
1863:
1853:
1851:
1850:. 27 March 2019
1842:
1841:
1837:
1827:
1825:
1816:
1815:
1811:
1801:
1799:
1797:Financial Times
1788:
1787:
1783:
1773:
1771:
1761:
1760:
1756:
1746:
1744:
1741:Financial Times
1734:
1733:
1729:
1720:
1719:
1715:
1702:
1701:
1697:
1683:
1682:
1678:
1670:
1666:
1662:13 January 2012
1658:
1654:
1649:on 21 May 2012.
1643:Financial Times
1636:
1635:
1631:
1625:Wayback Machine
1616:
1612:
1604:
1600:
1596:20 October 2011
1594:Wayback Machine
1585:
1581:
1571:
1569:
1564:
1563:
1559:
1549:
1547:
1542:
1541:
1534:
1526:
1522:
1512:
1510:
1502:
1501:
1497:
1487:
1485:
1477:
1476:
1472:
1462:
1460:
1452:
1451:
1447:
1437:
1435:
1426:
1425:
1421:
1411:
1409:
1406:www.39essex.com
1400:
1399:
1395:
1389:Wayback Machine
1380:
1376:
1367:
1363:
1354:
1350:
1333:
1332:
1328:
1314:
1313:
1309:
1299:
1297:
1292:
1291:
1287:
1277:
1275:
1273:
1254:
1253:
1249:
1239:
1237:
1236:on 8 April 2015
1228:
1227:
1223:
1213:
1211:
1206:
1205:
1201:
1191:
1189:
1184:
1183:
1176:
1166:
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1162:
1147:
1146:
1142:
1132:
1130:
1128:Financial Times
1121:
1120:
1116:
1106:
1104:
1100:
1096:
1095:
1091:
1081:
1079:
1070:
1069:
1060:
1050:
1048:
1039:
1038:
1034:
1024:
1022:
1020:Investment Week
1013:
1012:
1008:
998:
996:
987:
986:
982:
977:
973:
963:
961:
957:
953:
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943:
933:
931:
927:
923:
922:
913:
908:
904:
891:
890:
886:
882:
819:
751:In April 2010,
749:
736:
727:
703:
676:
646:
560:
518:
513:
500:
484:
467:
421:
304:
299:
289:
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46:
28:
23:
22:
15:
12:
11:
5:
2954:
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2559:
2554:
2549:
2544:
2539:
2534:
2529:
2524:
2518:
2513:
2508:
2506:Database right
2503:
2498:
2493:
2488:
2483:
2478:
2473:
2468:
2463:
2458:
2453:
2448:
2443:
2438:
2433:
2428:
2426:ATEX directive
2423:
2418:
2412:
2410:
2404:
2403:
2401:
2400:
2395:
2390:
2385:
2380:
2375:
2368:
2363:
2361:CLP Regulation
2358:
2353:
2348:
2343:
2338:
2333:
2328:
2323:
2318:
2313:
2307:
2305:
2301:
2300:
2298:
2297:
2292:
2287:
2282:
2279:Staatenverbund
2275:
2270:
2265:
2260:
2255:
2250:
2245:
2240:
2235:
2230:
2225:
2220:
2215:
2210:
2205:
2200:
2195:
2190:
2189:
2188:
2177:
2175:
2168:
2165:
2164:
2162:
2161:
2156:
2151:
2146:
2141:
2135:
2133:
2129:
2128:
2126:
2125:
2120:
2118:Recommendation
2115:
2110:
2109:
2108:
2098:
2088:
2086:
2080:
2079:
2077:
2076:
2071:
2066:
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2056:
2051:
2046:
2041:
2036:
2030:
2028:
2022:
2021:
2019:
2018:
2013:
2008:
2003:
1998:
1993:
1988:
1987:
1986:
1981:
1971:
1965:
1963:
1959:
1958:
1944:
1942:
1941:
1934:
1927:
1919:
1910:
1909:
1904:
1899:
1894:
1889:
1884:
1879:
1874:
1867:
1866:External links
1864:
1862:
1861:
1835:
1809:
1781:
1754:
1727:
1713:
1695:
1676:
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1652:
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1530:AMF-France.org
1520:
1495:
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1339:www.celent.com
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869:UK company law
866:
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835:
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815:
748:
745:
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702:
701:United Kingdom
699:
675:
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650:trading venues
645:
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616:Best execution
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2578:
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2565:
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2555:
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2552:CHP Directive
2550:
2548:
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2522:
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2244:
2241:
2239:
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2229:
2226:
2224:
2221:
2219:
2218:Four freedoms
2216:
2214:
2211:
2209:
2206:
2204:
2201:
2199:
2198:Direct effect
2196:
2194:
2191:
2187:
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2178:
2176:
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2166:
2160:
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2093:
2090:
2089:
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2067:
2065:
2064:Lisbon Treaty
2062:
2060:
2057:
2055:
2052:
2050:
2047:
2045:
2042:
2040:
2039:Merger Treaty
2037:
2035:
2032:
2031:
2029:
2027:
2023:
2017:
2014:
2012:
2009:
2007:
2004:
2002:
1999:
1997:
1994:
1992:
1991:General Court
1989:
1985:
1982:
1980:
1977:
1976:
1975:
1972:
1970:
1967:
1966:
1964:
1960:
1956:
1950:
1940:
1935:
1933:
1928:
1926:
1921:
1920:
1917:
1913:
1908:
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1898:
1895:
1893:
1890:
1888:
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1823:
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1769:
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1627:29 March 2012
1626:
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1499:
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1480:
1474:
1471:
1459:
1458:Practical Law
1455:
1449:
1446:
1434:. 30 May 2016
1433:
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1403:
1397:
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