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MiFID II - Expanding Regulatory Reform in Europe

The Markets in Financial Instruments Directive became a core pillar in the European Union financial markets regulatory system when it was implemented on 1 November 2007. The Directive's main objectives were to increase competition, improve investor protection and, combined with other Directives, help create a single market for financial services and activities in the EU. The key measures implemented through the directive were: best execution and order-handling practices, categorization of clients, investment research, conflicts of interest, outsourcing, transaction reporting, pre- and post-trade transparency and regulation of trade-related market infrastructure. The objective of this paper is to provide BNY Mellon's perspective on the impacts of changes to The Markets in Financial Instruments Directive as proposed in a package of amendments and a regulation currently under consideration by the European Parliament and the European Council.

Business:   Asset Servicing
Publication date:   March 2013


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