Overview

Embedded in the Markets in Financial Instruments Directive (MiFID) are a number of review clauses, and in its work programme for 2010 the European Commission confirmed that it would review the Directive to enhance investor confidence and create a new level playing field which delivers market efficiency and transparency.

Throughout 2010, the Committee of European Securities Regulators (CESR) has published various papers on the MiFID review, and its work culminated in two pieces of technical advice to the Commission which were published in 2010 covering: equity markets, non-equity markets transparency, transaction reporting, investor protection and intermediaries, standardisation and organised platform trading of over-the-counter derivatives, post trade transparency standards and client categorisation.

On 8 December, the European Commission published a consultation paper on the MiFID review. This briefing from Norton Rose provides an overview of that consultation.