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Markets and Securities Services | Issue 46
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MiFID II: LEVEL 1 OVERVIEW
Scope
See Title I for full details
Key impacts
• Inducements/commission
— P&L or RPA
— IT development, legal contract renegotiation
• Recording of telephone conversations
• Best execution
• Investor protection
Delegated acts
• TITLE VII
Transitional provisions
• Clearing obligations Article 4
• Risk-mitigation techniques Article 11(3) Article 54
Exemptions
See Article 2 for full details.
Authorisation and
operating conditions
for investment firms.
TITLE II
Position limits and position
managmeent controls in commodity
derivatives reporting.
TITLE IV
Regulated
markets.
TITLE III
Delegated acts.
TITLE VII
Data reporting
services.
TITLE V
Competent
authorities.
TITLE VI
MiFID II
Applies
3 January 2018