The countdown towards the new implementation date of 3 January 2018 has begun, and firms need to be getting to grips with the detail of MiFID II and preparing in earnest for the important changes under this new regime.

Authors: David Calligan Charlotte Collins

Are we there yet?

The final "Level 1" legal texts (comprising a revised Markets in Financial Instruments Directive (the MiFID II Directive) and the Markets in Financial Instruments Regulation (MiFIR), together MiFID II), which were published in June 2014, represent only one layer of the regime. The “Level 2” measures (delegated acts and binding technical standards) and “Level 3” measures (guidelines and recommendations) are in the process of being finalised. These expand upon the Level 1 legislation and contain (or will contain) crucial technical details and guidance that are necessary for firms (and regulators) to be able to comply with the high-level provisions in the Level 1 texts.