As detailed in Walkers MiFID implementation updated (available here), the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. 375/2017) (the "MiFID II Regulations") have now been signed into Irish law and will come into operation on 3 January 2018.

The Department of Finance has previously indicated to the market in its national discretions feedback statement that Ireland will be largely adopting a copy-out approach when implementing MiFID II. Our previous client briefing on this feedback statement is available here.

One key aspect of the MiFID II Regulations that is likely to be of considerable comfort to collateral managers based both in the UK and outside the EEA is the retention (albeit in somewhat limited form) of the current Irish MiFID I "safe harbour" exemption for third country firms.

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