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Overview

In October 2011, the European Commission published its proposals for amending the Markets in Financial Instruments Directive (MiFID) with the objective of improving the resiliency and functioning of Europe’s financial markets. The proposals will fundamentally impact those markets in terms of a wide range of product and policy areas, including equities, fixed income, derivatives, compliance and corporate governance.

While AFME shares the overarching objective of the Commission’s review of MiFID, many of the proposals to achieve it will need recalibration to avoid collateral damage to markets, liquidity and investor choice. Engaging with the Commission as well as with the European Parliament and Council, AFME is contributing to the MiFID Review. Our contribution includes constructive counterproposals supported by independent research.

Consolidated Tape

MiFID sub-page including AFME's latest content on the development of a European consolidated tape

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Key Documents

2021

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18 November, 2021

Understanding EU Bond Market Structure and Dynamics

August, 2021

Response to the European Commission’s consultation on a retail investment strategy for Europe

June 2021

Response to ESMA’s consultation on the RTS 2 Annual Review

23 June, 2021

Response to FCA CP 21/9 on changes to UK MIFID’s conduct and organisational requirements

13 March, 2021

Response to ESMA CP on algorithmic trading

January 2021

Response to ESMA’s consultation on market data guidelines

January 2021

Response to the FCA’s call for input on accessing and using wholesale data

2020

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2019

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2018

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7 December, 2018

FCA CP 18/28 Brexit: proposed changes to the Handbook and Binding Technical Standards – first consultation

This response sets out AFME’s views on the FCA’s proposed changes in the context of the EU Withdrawal Act.

21 December, 2018

FCA CP 18/36 Brexit: proposed changes to the Handbook and Binding Technical Standards – second consultation

This response sets out AFME’s views on the FCA’s proposed changes in the context of the EU Withdrawal Act.

AFME comments on European Parliament Report (2017/2253(INI)) Relationships between the EU and third countries concerning financial services regulation and supervision

September, 2018

Position Paper: IFR Third Country Equivalence MiFIR tick size regime amendments

30 April, 2018

Note of an AFME-FCA meeting (in the form of Q&A) on the impact of MiFID II on corporate access

The note refers to, and should be read in conjunction with, slides that the FCA used for a presentation to the Investment Association on 30 April 2018.

June, 2018

Position Paper: IFR Third Country Equivalence MiFIR tick size regime amendments

2017

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Briefing Paper: Legal Status of funds held in Broker Omnibus Accounts

This briefing paper considers the legal status of funds held in a Broker Omnibus Account and how such funds are used in the context of the operation of Research Payment Accounts required under MiFID II

December, 2017

Briefing Note: Telephone Taping and M&A Activities

This note considers how the FCA’s telephone taping rules set out in PS 17/14 (published in July 2017 to transpose the MiFID II requirements into UK law) apply to M&A advisory and other related activities of investment banks.

20 December, 2017

Briefing Note: Telephone Taping and Equity Capital Markets Transactions

This note considers how the FCA’s telephone taping rules set out in PS 17/14 (published in July 2017 to transpose the MiFID II requirements into UK law) apply to the activities of investment banks relating to certain equity capital markets transactions.

18 December, 2017

AFME Guidance Note on Allocation Record Keeping Requirements for Equity Capital Markets

This guidance note has been developed to assist firms in relation to the allocation record keeping requirements for equity capital markets transactions under MiFID II Articles 16 and 23, Delegated Regulation (EU) 2017/565 Articles 38-41 and the associated ESMA Q&A.

15 December, 2017

AFME Protocol (including documentary legends) on MiFID II Product Governance Regime for Equity Capital Markets transactions

This memorandum sets out steps which firms can use to meet their principal product governance obligations under MiFID II, and is designed to be used periodically by committees comprising ECM and Sales & Trading business/legal/compliance teams and commitment committee personnel. The memorandum covers ECM transactions in ordinary shares which are or will be admitted to trading on a regulated capital market.

31 October, 2017

Research Charge Collection Agreement

Industry agreed form (AFME, IA and AIMA) providing (in accordance with MiFID II) for the receipt of payments to a broker-dealer for research and execution prior to the transfer of payments for research into a Research Payment Account – Version 1

Contacts

Pedro Pinto

Director, Advocacy

[email protected] +32 (0)2 883 55 48

Giulia Pecce

Head of MiFID Policy

[email protected] +44 (0) 20 3828 2746

Press Releases

Publications

Consultation Responses

Briefing Notes

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