The purpose of this document is to provide a visual guide, through a series of heat-maps, to the impact of MiFID II on the MiFID conduct of business regime in Ireland, as currently set out in the European Communities (Markets in Financial Instruments) Regulations 2007 (the MiFID Regulations).
The aim of MiFID II is to introduce new post-financial crisis conduct of business requirements and seek to improve the transparency, stability and regulation of the financial markets. It will lead to a more harmonised conduct of business and systems and controls framework for the investment services sector in Europe. Implementation of MiFID II will require significant amendments to the MiFID Regulations.
The implementation date for MiFID II is 3 January 2017, so firms now have only a little over 18 months to make the necessary IT, systems, business and documentation changes that MiFID II will require.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.