The European Commission (EC) published a Delegated Regulation on 18 May 2016 which is the final part of the long-awaited MiFID II Delegated Acts. This follows the publication of the first Delegated Regulation on 25 April 2016, and a Delegated Directive on 7 April 2016.
The Delegated Regulations bring clarity on important issues of scope and definition, including FX forwards, algorithmic and high-frequency trading and commodity derivatives.
Also contained within the Delegated Regulations are confirmations of rules on best execution, systematic internaliser thresholds, investment advice, suitability and appropriateness, and reporting to clients.
In our paper, we highlight the key differences between European Securities and Markets Authority’s (ESMA) Technical Advice and the European Commission's conclusions, and comment on the likely consequences of changes for firms.
UK Financial Services Consulting Leader, PwC United Kingdom
Tel: +44 (0)20 7804 7683
Senior Manager, PwC United Kingdom
Tel: +44 (0)7808 107043