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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Policy position

03 October 2016

EFAMA’s response to EIOPA’s consultation on Technical Advice concerning IDD’s delegated acts

EFAMA welcomes the opportunity to comment on EIOPA’s draft suggestions for the technical implementation of the Insurance Distribution Directive (IDD).

Policy position

EFAMA response to Green Paper on Retail Financial Services

Capital Markets Union

Distribution ＆ Client Disclosures

PRIIPs

EU Fund regulation

ELTIF

UCITS

Management Companies

AIFMD

21 March 2016

EFAMA response to Green Paper on Retail Financial Services

EFAMA welcomes the opportunity to respond to the European Commission’s Green Paper on retail financial services. Widening the opportunities for European citizens to save and invest will facilitate better outcomes both for savers and the wider European economy.

EFAMA fully shares the goals of a Single Market for retail financial services in the EU, i.e.:

1. Promoting an EU-wide market in retail financial services that can facilitate cross-border business and consumer choice.

Policy position

04 March 2016

EFAMA's comments on the ESAs' Joint DP on automation in financial advice

EFAMA believes that the general assessment of the characteristics of automated financial advice tools is captured accurately.

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.

Policy Position

11 July 2022

EFAMA responses to the discussion questions within the IOSCO report “corporate bond markets – drivers of liquidity during covid-19 induced market stresses”

EFAMA is appreciative of the opportunity to comment on this major IOSCO study on the dynamics of bond market liquidity during market stresses. We provide some detailed responses below, but would reiterate a few high-level points here:

Press Release