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Agreement Reached Over MiFID II

On 17 June 2013, the EU Council published a press release confirming that the Permanent Representatives Committee (COREPER), on behalf of the Council, has agreed a position with respect to MiFID II.  The Council is expected to confirm this agreement, without discussion, at its meeting on 21 June 2013.  This will enable the trilogue process to commence with the EU Parliament and EU Commission.

The EU Presidency confirmed that the main elements of the agreed position include:

  • enhanced transparency;
  • the introduction of Organised Trading Facilities (OTFs);
  • better access to capital markets for small- and- medium sized enterprises;
  • non-discriminatory open access to trading venues and central counterparties;
  • new safeguards to take account of technological developments such as  algorithmic trading or  high speed trading;
  • stronger investor protection;
  • new rules on corporate governance and managers’ responsibility; and
  • enhanced framework for derivatives markets

MiFID II is due to be considered by the EU Parliament at its 9 to 12 December 2013 plenary session.

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