The recast Markets in Financial Instruments Directive (MiFID 2), along with its accompanying Regulation (MiFIR), were published in the Official Journal of the EU in June. The new legislation is currently expected to come into effect in January 2017.
The main new developments outlined in this client briefing can be loosely summarised in the following terms: non-EU (third country) firms are to be given greater, harmonised access to certain kinds of EU-based professional investors in exchange for meeting certain specified EU regulatory standards; these enhanced access provisions should be broadly reciprocal, so that EU firms should be able to benefit from similar access to third country markets.
This briefing looks at the cross-border aspects of the MiFID 2 package, and in particular, the regime whereby third country firms are permitted to deal with EU-based investors without the establishment of a physical presence in the relevant EU country.
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