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Global Trustee and Fiduciary Services News and Views | MiFID II Special Edition 2016
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MiFIR: LEVEL 1 OVERVIEW
Scope
Investment firms, credit institutions
(when providing investment
services +/or performing
investment activities), market
operators (including any trading
venues they operate, financial
counterparties and all non-financial
counterparties (subject to EMIR),
CCPs and persons with proprietary
rights to benchmarks, third country
firms providing investment services
or activities within the EU (subject
to applicability test).
Key impacts
Transaction reporting
• Costs
• IT development
• Broker reliance vs. own
reporting.
Delegated acts
• Article 50
Transitional provisions
• Article 54
Exemptions
European Central Banks (ESCB)
excluded in specific capacities.
Regulated markets, market
operators and investment firms
in respect of transactions where
the counterparty is a member of
the ESCB.
Disclosure of trade
data to the public.
TITLES I — III
Trading of derivatives
on organised venues.
TITLE V
Reporting of
transactions to
the competent
authorities.
TITLE IV
Provision of investment services or
activities by third countryfirms following
applicable equivalence decision by the EU
Commission (with or without a branch).
TITLE VIII
Non-discriminatory
access to clearing and
non-discriminatory
access to trading in
benchmarks.
TITLE VI
Product intervention
powers by NCA’s, ESMA
and EBA and powers
of ESMA on position
management controls
and position limits.
TITLE VII
MiFIR
Applies
3 January 2018