Amendments to MiFID II and MiFIR: The EU's markets in financial instruments

Briefing 27-06-2022

The second Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) are the principal texts regulating investment services and activities in the EU. Following an extensive consultation and in light of the recent developments in the context of the coronavirus pandemic, the European Commission proposed the establishment of an EU-wide consolidated tape for shares, bonds, exchange-traded funds (ETFs) and derivatives, as well as making targeted changes to market structure, so as to increase transparency and strengthen the competitiveness of EU financial markets. Consolidated tape is a high-speed electronic system that reports the latest price and volume data on sales of exchange-listed stock. The files are currently under review by the co-legislators. Within the European Parliament, they have both been assigned to the Committee on Economic and Monetary Affairs. The draft reports are expected soon. First edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.