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MiFID II

MiFID II will have a significant impact on financial institutions providing services in the EU. Hogan Lovells has created this site to help firms understand what will change under MiFID II, and how those changes may affect their business.

Although the provisions of MiFID II relating to market infrastructure have received much attention in the industry press, MiFID II will also require firms to ensure that they meet new requirements for investor protection. In this section, a series of briefing notes covers the principal changes required by MiFID II. These include:

Enhanced requirements for the compliance function and the handling of complaints.

New provisions for the recording of telephone and email communications.

New rules on product governance for firms, and new powers for regulators to intervene to restrict or prohibit certain products.

Prohibition on firms receiving inducements from third parties in certain circumstances, including where the firm is providing advice on an independent basis or is managing a portfolio.

Greater protection for clients that are municipalties or public authorities.

Requirement for firms providing advice to inform clients whether or not the advice is provided on an independent basis.

Requirement for firms to provide greater information to clients on costs and charges.

Requirement for firms not to rely only on disclosure as a means to resolve conflicts of interest.

Changes to the best-execution regime, including a requirement for investment firms to publish the top five venues for execution used in the space of a year.

Please click the links below to view our briefing notes on investor protection.

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