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As part of its response to the 2008 financial crisis,the European Commission decided to review the Markets in Financial Instruments Directive (MiFID I), which came into force in 2007. The MiFID II review, published by the Commission in October 2011 and currently examined in Council and European Parliament consists of a directive (MiFID) and a regulation (MiFIR) aiming at increasing the transparency and the resilience of European financial markets. It essentially covers the following subjects (i) the authorization and organisation aspects for investment services providers; and (ii) investor protection rules; and (iii) the authorization and organisation for trading venues and (iv) the definition of legislative and ruling powers. MiFIR covers (i) the disclosure of data trading activity to public; and (ii) the disclosure of transactions to regulators; and (iii) the clearing of derivatives on trading venues; and (iv) the open access to trading venues and clearing services providers; and (v) refine regulatory actions and powers.