MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE «Back to Legal
MIFD II Disclosures
The Market in Financial Instruments Directive and Markets in Financial Instruments Regulation (“MiFID II”) came into effect on 3 January 2018. MiFID II replaces the original Markets in Financial Instruments Directive (“MiFID”) which had been in force since 2007. MiFID II introduces a broad range of provisions, which includes among them:
· Building on MiFID market structure provisions, prescribing rules relating to the operation of Regulated Markets, Multilateral Trading Facilities and the newly specified Organised Trading Facilities and requiring mandatory venue trading for certain in-scope equities and OTC derivatives;
· Enhancing the Systematic Internaliser regime and pre- and post-trade price transparency rules for equity financial instruments and extending these to equity-like and non-equity financial instruments;
· Expanding the transaction reporting requirements to a broader set of financial instruments, introducing quality of execution and top 5 venue reporting requirements and commodities position limit monitoring and reporting requirements;
· Enhancing rules on product governance, suitability and appropriateness, client assets, inducements (including research) and costs and charges disclosure;
· Introducing obligations relating to indirect clearing and straight through processing of cleared derivatives, algorithmic/high frequency trading systems and controls and increased record keeping requirements.
MiFID II requires Park Walk to provide certain information and disclosures to its clients. These disclosures are set out below. Please note that this information may be updated from time-to-time.