Database on German and European Economic Law

 Directive 2014/65/EU

I. Description

The new framework aims to make financial markets more efficient, resilient and transparent. It introduces a market structure which closes loopholes and ensures that trading, wherever appropriate, takes place on regulated platforms. It introduces rules on high frequency trading. It improves the transparency and oversight of financial markets – including derivatives markets - and addresses the issue of excessive price volatility in commodity derivatives markets. A new framework will improve conditions for competition in the trading and clearing of financial instruments. Building on the rules already in place, the revised   MiFID also strengthens the protection of investors by introducing robust organisational and conduct requirements or by strengthening the role of management bodies. The new framework also increases the role and supervisory powers of regulators and establishes powers to prohibit or restrict the marketing and distribution of certain products in well-defined circumstances. A harmonised regime for granting access to EU professional markets for firms from third countries, based on an equivalence assessment of third country jurisdictions by the Commission, is introduced.

Directive 2004/39/EC is repealed with effect from 3 January 2017.

Member States have two years to transpose the new rules which will be applicable starting January 2017.

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II. General Information

Title

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive   2011/61/EU

Abbreviations
MiFID II
Status
Existing
Directive
2014/65/EU
Source
O.J. EU No L (Legislation), Edition 173, Year 2014, p.349
Adoption
05/15/2014
Promulgation
06/12/2014
Character
Lamfalussy Framework Act
Implementation
Legal Basis
Art. 53 Abs. 1 AEUV
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

MiFID II (Directive 2014/65/EU) amended by

Directive extending the application date of MiFID II (Details)

  2016/1034/EU

Beschluss:
06/23/2016 (A)
Verkuendung:
06/30/2016 (P)

Original Text MiFID II:
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive   2011/61/EU

  2014/65/EU

Beschluss:
05/15/2014 (A)
Verkuendung:
06/12/2014 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
01/14/2014
Communication from the Commission
European Commission - MEMO/14/15
06/17/2013
Council agreement
Pressemitteilung 11067/13
10/26/2012
Proposal
P7_TA(2012)0406
04/25/2012
Opinion of the European Economic and Social Committee
ABL. 2012/C 191/80
03/22/2012
Opinion of the European Central Bank
ABL. 2012/C 161/3
02/10/2012
Opinion of the European Data Protection Supervisor
ABL C/2012/147/ 1
10/20/2011
Commission staff working paper
SEC(2011) 1227 final
10/20/2011
Proposal
COM(2011) 656 final

3. Comments

Datum
Stellungnahme
Textfassungen
05/07/2012
Deutscher Anwaltverein (DAV)
Comment on: Kommissionsvorschlag
04/16/2012
Centrum für Europäische Politik (CEP)
Comment on: Kommissionsvorschlag
02/10/2012
Bundesrat der Bundesrepublik Deutschland (BR)
Comment on: Kommissionsvorschlag
01/17/2012
Österreichische Bundesarbeitskammer (AK)
Comment on: Kommissionsvorschlag
01/04/2012
Aktienforum (Österreich)
Comment on: Kommissionsvorschlag
11/30/2011
Boerese Stuttgart - Baden-Württembergische Wertpapierbörse
Comment on: Kommissionsvorschlag
11/30/2011
Die Deutsche Kreditwirtschaft (DK)
Comment on: Kommissionsvorschlag
11/29/2011
Deutsches Aktieninstitut, Bundesverband der Deutschen Industrie, und Verband deutscher Treasurer (DAI, BDI und VDT)
Comment on: Kommissionsvorschlag

4. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 2011/61/EU
Repeal
  Directive 2010/78/EU
Repeal
  Directive 2004/39/EC
Amendment
  Directive 2002/92/EC

IV. Implementing / Legislative Act (Level 2)

1. Implementation

2. CESR Level 2

Durchführungsverordnung (EU) Nr. 2016/824 auf Basis der RL (EU) 2014/65
CESR/

V. CESR / ESMA Announcements (Level 3)

9/2017
Guidelines on the management body of market operators and data reporting services providers
ESMA/70-154-271
10/2016
Consulation Paper - Guidelines on specific notions under MiFID II related to the management body of market operators and data reporting services providers
35-43-620
1/2017
Guidelines for the assessment of knowledge and competence
ESMA/71-1154262120-153
12/2015
Final Report - Guidelines for the assessment of knowledge and competence
2015/1886
10/2016
Guidelines - Transaction reporting, order record keeping and clock synchronisation
ESMA/2016/1452
12/2015
Consulation Paper - Guidelines on transaction reporting, reference data, order record keeping & clock synchronisation
2015/1909
7/2016
Guidelines on cross-selling practices
ESMA/2016/574
12/2015
Final Report - Guidelines on cross-selling practices
2015/1861
2/2016
Guidelines on complex debt instruments and structured deposits
ESMA/2015/1787
11/2015
Final Report - Guidelines on complex debt instruments and structured deposits
2015/1783

VI. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

(A) Adoption | (P) Promulgation

2. Implementation in other Member States

Art 28: Loi n°2014-1662 du 30 décembre 2014 portant diverses dispositions d’adaptation de la législation au droit de l’Union européenne en matière économique et financière

Ordonnance no 2016-827 du 23 juin 2016 relative aux marchés d’instruments financiers

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Legislative Act Status

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Comments
4. Legal Impact
IV. Implementing / Legislative Act (Level 2)
1. Implementation
2. CESR Level 2
V. CESR / ESMA Announcements (Level 3)
VI. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany
2. Implementation in other Member States