Compliance/Regulation

MiFID2

The Markets in Financial Instruments Directive (MiFID) is the EU legislation that regulates firms who provide services to clients linked to ‘financial instruments’ (shares, bonds, units in collective investment schemes and derivatives), and the venues where those instruments are traded.

MiFID is the framework of European Union (EU) legislation for:

  • investment intermediaries that provide services to clients around shares, bonds, units in collective investment schemes and derivatives (collectively known as ‘financial instruments’)
  • the organised trading of financial instruments

MiFID applied in the UK from November 2007, and was revised by MiFID2, which took effect on 3 January 2018, to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection. MiFID2 extended the MiFID requirements in a number of areas including:

  • new market structure requirements
  • new and extended requirements in relation to transparency
  • new rules on research and inducements
  • new product governance requirements for manufacturers and distributers of MiFID ‘products’
  • introduction of a harmonised commodity position limits regime

 Related links:


Polices and Procedures

EVIA/LEBA offer a range of regulatory template policies and procedures for members to use as a basis to create their own firm specific polices. If you require any of the below documents, please contact compliance@evia.org.uk


MiFID2 List of Documents

  • Conflicts of Interest Policy
  • Client Entity and Transactional Information
  • Client Categorisation for Local Authorities
  • Inducement
  • Order Execution
  • Reception and Transmission
  • Research


MiFID2 work streams

Working actively with its members, we facilitate a number of forums to collectively discuss, explore and agree a common standard approach to meet various aspects of the regulation.


Weekly Strategy Calls

Monday morning strategy discussions are held to provide high level summaries of the previous week’s events across all markets. Topical items include but not limited to, regulatory consultation, discussion, final policy papers, views and speeches from national competent authorities and the outcomes of market data analysis.

If you wish to participate in these calls, please contact Alex McDonald.


Bi-Weekly Wednesday Discussions

Notes from the MiFID2/R discussion can be found here: 


Compliance Monthly

Monthly meetings attended by each member firms Heads of Compliance to discuss matters that affect the day to day implementation of regulatory objectives e.g. MAR, Senior Management & Certification Regime, GDPR, Anti Money Laundering and Financial Crime etc

We also invite expert consultants to provide advice on a range of regulatory topics to assist members to address the risks affecting their firm.

Meetings are held every Wednesday between 08:30 and 10:00 (subject to change).


Response to consultation papers and correspondences to the regulators on other matters

EVIA/LEBA works closely with its members through the various working groups to collate views and reach a consensus to respond to consultation or discussion papers collectively.

See the 'Public Policy' to access these responses.