MiFID II is the next iteration of MiFID, a revision designed to improve the functioning of financial markets in light of the financial crisis and also to strengthen investor protection.
MiFID II was voted through by the European Parliament in April 2014 and came into force in July 2014.
Draft delegated acts should be adopted by the European Commission in the Summer of 2015, following formal scrutiny by the European Parliament and the Council. The second MiFID II annual conference will be held by the Financial Conduct Authority in Autumn 2015 and will outline the main implementation issues as well as assisting firms in understanding their new obligations (the original conference having taken place in September 2014).
MiFID II will need to be converted into domestic laws and regulations (a process known as ‘transposition’) by the 3rd July 2016.
Alongside MiFID II is MiFIR, the Markets in Financial Instruments Regulation.
Both MiFID II and MiFIR are due to take effect from 3rd January 2017.