The final legislative texts of the new Markets in Financial Instruments Directive ("MiFID II") and the Markets in Financial Instruments Regulation ("MiFIR") were adopted by the European Parliament on 15 April 2014 and by the European Council on 13 May 2014. MiFID II and MiFIR (together "MiFID II/R") will enter into force on 2 July 20141 and become applicable at the earliest during 20162. The final texts are still to be published in the Official Journal by the European Commission (the "Commission").
On 22 May 2014, the European Securities and Markets Authority ("ESMA") launched its Level 2 consultation process for implementation of MiFID II/R with the publication of two papers covering over 800 pages in total...
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