MiFID / MiFIR

The Markets in Financial Instruments Directive (MiFID) is a cornerstone of EU financial services legislation and is of direct relevance to asset management companies. In 2014, the European Commission adopted new rules revising MiFID, consisting of a Directive (MiFID II) and a regulation (MiFIR). Overall, MiFID II yielded positive results in terms of liquidity and transparency for investors.

Among possible improvements to the MiFID framework, EFAMA encourages the creation of a well-structured, reasonably priced consolidated tape managed by ESMA and fed by all trading venues and systematic internalisers for all financial instruments. A second, long-term EFAMA objective is better enforcement of data providers’ existing obligation to provide market data on a “reasonable commercial basis”.

Related policy positions

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year

Keywords

Policy position

25 November 2020

EFAMA's reply to ESMA's CP on MiFID II / MiFIR review on the functioning of Organised Trading Facilities (OTF)

EFAMA has some concerns with ESMA’s clarifications. In the consultation paper (CP), ESMA seems to have a very broad interpretation of the ‘multilateral systems’ definition under MiFID II and states that ‘systems where trading interests can interact but where the execution of transactions is formally undertaken outside the system still qualify as a multilateral system and should be required to seek authorisation’ (paragraph 36).

Policy position

EFAMA's reply to ESMA's CP on MiFIR Review report on the obligations to report transactions & reference data

Capital Markets

Distribution ＆ Client Disclosures

EU Fund regulation

UCITS

23 November 2020

EFAMA's reply to ESMA's CP on MiFIR Review report on the obligations to report transactions & reference data

We disagree with an extension of its scope to UCITS’ and AIFs’ management companies to the scope of the reporting requirements imposed by MiFIR, Art. 26. This extension would be in breach of the principle of proportionality, as:

Policy position

EFAMA’s position on EC proposal to modify Investment Research

Capital Markets

14 September 2020

EFAMA comments EC CP on a Covid-19 Capital Markets Recovery Package

EFAMA appreciates the Commission's efforts in pursuing an alleviation of certain MiFID II requirements in the interest of promoting a swift recovery from the economic crisis precipitated by the Covid-19 pandemic (....).

EFAMA believes however that there are more effective ways to foster SME access to markets and urges the Commission to consider a set of further measures (...)

MiFIDII/MiFIR review will be key to the future success and competitiveness of the EU’s capital markets

The ongoing review of MiFIDII/MiFIR is an important moment for the future success of the Capital Markets Union project. The European Council adopted their position at the end of last year and the European Parliament is currently debating these future rules, with the expectation of a draft report by the end of the month.

Policy Position

European Parliament in Brussels with the EU flags flying against a sunny background

17 January 2023

MiFIDII/ MiFIR review - EFAMA-BVI-EFSA-NSA priorities

The MiFID/MiFIR review will be key to the future success and competitiveness of the EU's capital markets.

With international competition for investment heating up markedly, European legislators need to ensure that EU regulation is helping, and not hindering, capital market growth and participation.

Various European trade associations representing EU capital markets, including EFAMA, BVI, EFSA and NSA, have published a letter outlining their main priorities for the review. This includes the following core elements:

Press Release

29 November 2022

The availability of a real-time consolidated tape in Europe is critical for the success of the CMU

EFAMA members are paying close attention to the ongoing discussions in the European Parliament and Council to reach a compromise on the MiFID review. Together with a broad majority of market participants, including the sell-side and alternative trading venues, we have consistently made the case for a real-time tape for equities with the inclusion of pre and post-trade data.