European Markets in Financial Instruments Directive MiFID II

Directive within the European Economic Area (EEA)

MiFID II 2014/65/EU shall replace MiFID 2004/39/EG in Markets for Financial Instruments on 3 January, 2018. MiFID aims to harmonise financial markets in the internal European market.

The aim of the MiFID II directive is both further strengthening of investor protection and the restructuring of the securities and derivatives markets. This includes the regulating of trade infrastructures via commodity markets or the high frequency trade right up to protection of investors. With the enactment of MiFID II, the regulatory authorities gain expanded powers of intervention and sanctioning.

Extract from Article 58 of MiFID 2

1.   Member States shall ensure that an investment firm or a market operator operating a trading venue which trades commodity derivatives or emission allowances or derivatives thereof:

(a) make public a weekly report with the aggregate positions […], specifying […] the number of persons holding a position […]

(b) provide the competent authority with a complete breakdown of the positions held by all persons, including the members or participants and the clients thereof, on that trading venue, […].

 

Implementation of MiFID II will be regulated by the MiFIR Regulation.

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