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Cyprus Urges Firms To Prepare For MIFID II, MiFIR

by Amanda Banks, Lowtax.net, London
13 April, 2017

Cyprus's financial services regulator, the Cyprus Securities and Exchange Commission, has urged firms under its supervision to prepare for new EU financial market regulatory rules taking effect from January 3, 2018.

The new regulatory rules apply to financial markets in EU member states, and are contained in the EU's Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR). The rules were introduced following the financial crisis, and are intended to improve the functioning of financial markets across the EU, making them more efficient, resilient, and transparent.

Firms affected by MiFID II and MiFIR include investment firms, credit institutions, market operators, data reporting services providers, certain financial and non-financial counterparties, and third country firms providing investment services and/or performing investment activities within the EU.

An overview of the obligations in MiFID II and MiFIR can be found in a practical guide published by the Commission in October 2014.

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