MiFID II, the wide reaching EU legislation that will impact the UK and European commodities markets from 3rd January 2018, is almost here! MiFID II - 'Markets in Financial Instruments Directive II' and its sister regulation MiFIR - ' Markets in Financial Instruments Regulation' will apply to individuals and institutions that provide services to third parties on a professional basis, market operators and data reporting services providing investment services or performing investment activities in the EU, including in the City of London.
Many existing trading venues which do not fall within the current requirements to be a MTF (Multilateral Trading Facility) will be 'caught' by the new concept of an OTF - an Organised Trading Facility - notably most electronic commodity derivative trading platforms whenever parties interact in a system that results in a contract for bonds, structured finance products, emission allowances or derivatives, including much OTC activity. Trade transparency, transaction reporting and the availability of market data, along with 'open access' are at the heart of MiFID II. For even the largest, most sophisticated financial institutions and trading houses, MiFID II introduces very significant changes.
Whether the UK negotiates a 'soft' of 'hard' Brexit or tumbles out the EU without a Brexit deal at all, it seems inevitable that to continue to provide services to EU counterparties the UK will have to implement MiFID II even after the UK exits the union.
The FCA which is the responsible MiFID II regulator in the UK, has encouraged firms to plan for MiFID II well in advance. Some have, others are doing so only now. As the FCA puts it "MiFID II is a wide-ranging piece of legislation and, depending on your business model, could affect a wide range of your firm's functions - from trading, transaction reporting and client services to IT and HR systems".
IY LEGAL is currently assisting a number of firms in the City of London to meet the requirements of MiFID II, including electronic platform providers which are seeking authorisation as MTFs and OTFs. We are advising clients on the scope and impact of MiFID II, how the new rules will impact their businesses and assisting them meet the new trading venue criteria.
If you would like to discuss MiFID II and how it might impact your business, please contact Andrew Iyer on: +44 207 1007714, or by email to: [email protected].
For more information about IY LEGAL and the legal services we can provide, please visit: www.iylegal.com.
“Iyer has a deep understanding of international markets and an impressive track record in arbitration and commercial disputes”
From 'Chambers Guide to the Legal Profession' while Andrew Iyer was practising as a solicitor“[Iyer] has the experience to instantly recognise the problems being encountered and the professional expertise to always provide sound, concise and, most importantly, clear legal advice”
From the 'International Law Office, Client Choice Guide' while Andew Iyer was practising as a solicitor“[Iyer] is very cost effective, efficient and proactive - he takes the initiative in speeding up recalcitrant opponent lawyers to the negotiating table”
From the 'International Law Office, Client Choice Guide' while Andew Iyer was practising as a solicitor'Shipping & Trade Firm of the Year in England' 2023
Corporate Intl Magazine Global Awards'Energy & Natural Resources Firm of the Year in England' 2023
Corporate Intl Magazine Global Awards“Sharp, to the point and efficient. [Iyer] responds with electrifying speed and is always contactable”
From 'The Legal 500' while Andew Iyer was practising as a solicitor'Leading Arbitration Specialist UK' 2022
AI Global Excellence Awards“Andrew Iyer continues to glean high praise from clients”
From 'The Legal 500' while Andrew Iyer was practising as a solicitor'Arbitration Advisers of the Year' 2021
Global Business Magazine
“[Iyer is] an extraordinarily fine lawyer with the full portfolio of skills, from negotiating contracts to claims, disputes and arbitrations - he’s the whole package!”
From 'Chambers Guide to the Legal Profession' while Andrew Iyer was practising as a solicitorShipping & Trade Firm of the Year in England 2020
Global Law Experts Annual AwardsEnergy & Natural Resources Law Expert of the Year in England 2020
Leaders in Law Global Awards“an extraordinarily fine lawyer with the full portfolio of skills, from negotiating contracts to claims, disputes and arbitrations - he’s the whole package!”
From 'Chambers Guide to the Legal Profession' while Andrew Iyer was practising as a solicitor“[Iyer is] one of the most experienced energy lawyers that I have come across. His energy practice has a unique offshore flavour which suits our requirements”
From the 'International Law Office, Client Choice Guide' while Andrew Iyer was practising as a solicitorWinner of the International Law Office 'Client Choice Award for Energy & Natural Resources UK'
While Andrew Iyer was practising as a solicitor
