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What is MiFID II

The Markets in Financial Instruments Regulation (“MiFIR”) and the Markets in Financial Instruments Directive (“MiFID”), together “MiFID II”, entered into application on 3 January 2018.

MiFID - What is it

Since its implementation in November 2007, the Markets in Financial Instruments Directive (“MiFID I”) was the cornerstone of capital markets regulation in Europe.  MiFID I targeted primarily equity markets and instruments.

MiFID I was recast by MiFID II, which extends market transparency and integrity rules to derivatives and debt financial instruments: it aims to move the trading of financial instruments as much as possible onto Trading Venues and hence to reduce bilateral OTC transactions, and to promote transparency on TVs and by Systematic Internalisers (SI).

MiFID II also reinforces investor protection rules (notably on product governance) and conduct of business rules on all financial instruments and structured deposits.

Finally, it brings additional measures on the reinforcement of control and management functions and on the enhancement of financial supervision.

MiFID II – Products and transactions in scope

Financial instruments:
It covers notably cash equity, fixed income, equity derivatives, commodity derivatives, credit derivatives, emission allowances.

Some instruments are only subject to some limited requirements: structured deposits, structured financing transactions.

The following are out of scope: FX spot, spot commodities, non-structured loans and deposits, non-structured deposits, regulated savings products, insurance products, means of payment.

Financial services:
It covers all firms carrying on investment services and ancillary services in the EEA.

30
Jun
2020
Global Markets
Main impacts of MiFID II on your transactions with our Global Market Division in Asia
Main impacts of MiFID II on your transactions with our Global Market Division in Asia
Global Markets

Important MIFID Asia

Information below are targeted at clients of Societe Generale in APAC. If you are a client serviced by our teams in Europe, information may not be relevant to you and so you should go the Societe Generale MIFID II website.

Click "Accept" below if you are a client of Societe Generale in APAC.