While market participants are anxiously awaiting the nearing MiFID II regulation framework, CySEC Reiterates Upcoming MiFID II Regulations. What changes will bring the new legislation?
19 December, AtoZForex – With the nearing 2018 year, the new set of financial services market regulation for the EU markets will arrive. On the 3rd of January, the key European regulation, the by the European Securities and Markets Authority, will put into force the Directive on markets in financial instruments (MiFID II).
CySEC Reiterates Upcoming MiFID II Regulations
Ahead of the deadline, global regulators strive to ensure that the market participants comply with the upcoming regulations in a proper way. One of the most active regulatory bodies across the EU bloc, the Cyprus Securities and Exchange Commission (CySEC), has issued an announcement for industry players in regards to the MiFID II.
The regulator states that the new legislative framework for the provision of investment services aims to replace the Investment Services and Activities and Regulated Markets Law (L. 144(I)/2007).
Furthermore, the Cypriot watchdog has stated that the upcoming MiFID II regulation set consists of the following parts:
a) The Investment Services and Activities and Regulated Markets Law of 2017 (L. 87 (Ι)/2017) (the “Law”), which has transposed Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (the “MiFID II Directive”) into national law,
b) The Regulation (EU) No. 600/2014 on markets in financial instruments (the “MiFIR Regulation”), and c) All Delegated and Implementing acts that have been adopted pursuant to the MiFID II Directive and the MiFIR Regulation, as well as the Guidelines, Opinions and Q&As issued by the European Securities and Markets Authority (“ESMA”).
CySEC is to Issue Directives in regards to MiFID II
While the CySEC looks into the high rate of compliance with the best practices of MiFID II, it wishes to inform the market participants that it plans to issue several Directives. One of the upcoming CySEC Directives will outline the fees and payable charges that fall within the scope of the Law.
Another Directive, according to the official CySEC announcement, will cover the following topic:
“The provision of services by third country firms to eligible counterparties and professional clients that do not fall within the scope of the MiFIR Regulation (“CySEC Directive DI87-03”).”
The Cypriot supervisor also mentions that interested parties need to plan and prepare for the future obligations that might arise with the MiFID II entry into force.
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