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By Olivier Carré (picture), Partner MiFID II Leader and Maximilian Seufert, Senior Manager, Regulatory Advisory Services PwC Luxembourg
Background - On 15 April 2014, the Council of the European Union adopted the final texts of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). These texts will be applicable as from January 2017 and will replace the initial MiFID which has been into force since 2o07. The first MiFID aimed to establish a harmonised regulatory framework for the provision of investment services in financial instruments across the European Union (EU) and for the operation of regulated markets. While MiFID has increased the integration of EU financial markets, it has proven to have a number of shortcomings in the...
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