Many of the wide-ranging amendments address the perceived barriers MiFID II introduced in capital markets and are likely to be welcomed by industry.

Key Points:

..The amendments aim to remove administrative burdens that result from information and disclosure rules.

.. Bonds with make-whole clauses are to be exempt from the product governance regime; the amendments represent the first time the European Commission has acknowledged that “simple” bonds with a make-whole should not be a PRIIP.

..The amendments recalibrate the position limits regime for commodity derivatives.

..The European Commission has launched a consultation on the regime for research on small and mid-cap issuers and on fixed-income instruments, including a “research unbundling” exception, to help the recovery from the pandemic.