EU member states have until 3 July to implement two new directives on financial instruments before they come into effect in January 2018, which will impact on firms and board members.
Image: Astrid Gast, Shutterstock
EU member states must implement the new Directive on Markets in Financial Instruments Directive (MiFID II) and the new Regulation on Markets in Financial Instruments (MiFIR) into national law by 3 July 2017, before the new rules come into effect on 3 January, 2018.
The rules require member states to designate “competent authorities” for the purposes of MiFID II and MiFIR, which will have power to remove a person from the management board of an investment firm, credit institution, or recognised investment exchange to enable them to fulfil their duties under MiFID II.
Provisions concerning third-country (non-EU) firms supplying invest
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