Commenting on the implementation of the Markets in Financial Instruments Directive (MiFID 2), and the associated delegated regulation (MiFIR) today, Simon Lewis, Chief Executive at the Association for Financial Markets in Europe (AFME), said: "Today sees MiFID 2 take effect. It is one of the most impactful and wide-reaching pieces of financial regulation to affect our industry to date. The review of the Markets in Financial Instruments Directive (MiFID 2), and the associated delegated regulation (MiFIR) will fundamentally impact investment firms and the overarching European securities market ecosystem.
"In addition to enhancing the current regime for equities markets, MiFID 2 extends this revised regime to an expanded range of product classes, including fixed income products and over-the-counter (OTC) derivatives. AFME supports the regulatory aims of the MiFID review in ensuring enhanced levels of investor protection, increased competition across the financial markets and calibrated transparency to facilitate fair, orderly and liquid markets.
"Our members, together with policymakers, regulators and the financial market industry as a whole, have been working collectively to prepare for go-live of this challenging project. AFME has been supporting its members through this implementation period and we will be continuing our engagement and examining the impact of these regulations as firms adopt their MiFID 2 responsibilities."