| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | 2024/790 |
| Publication Date | 08/03/2024 |
| Content Type | Blog & Commentary, Legislation, Policy-making |
Summary:Directive (EU) 2024/790 - adopted by the co-legislators on 28 February 2024 - introducing amendments to Directive 2014/65/EU on markets in financial instruments (also known as MiFID II). This is a text with EEA relevance. Further information:Directive 2014/65/EU - also known as the second Markets in Financial Instruments Directive (MiFID II) - introduced a legal framework seeking to improve the regulation of trading activities on financial markets as well as enhanced investor protection. In the framework of the work undertaken to fully implement the Capital Markets Union (CMU), the European Commission identified three priority areas that required reviewing: improving transparency and availability of market data, improving the level-playing field between execution venues and ensuring that European Union's market infrastructures can remain competitive at international level. In a Communication adopted in January 2021, the European Commission confirmed its intention to propose the improvement, simplification and harmonisation of capital markets' transparency. This would be done through the review of the MiFID 2 and MiFIR. Such a reform would include the design and implementation of a consolidated tape, in particular for corporate bond issuances with an aim of increasing the liquidity of secondary trading 3 in euro-denominated debt instruments. A package of legislative measures adopted on 25 November 2021 included draft laws proposing the review of the two acts. This Directive holds incidental modifications to MiFID II which became necessary to ensure coherence with the MiFIR review tabled simultaneously. The Council of the European Union adopted a general approach to the proposal on 20 December 2022. The European Parliament's relevant committee adopted its negotiating position on 2 March 2023. An informal agreement between the co-legislators on a compromise text for the file was reached on 29 June. This was formally endorsed by Parliament on 16 January 2024 and by the Council on 20 February. The Act was signed by the co-legislators on 28 February 2024 and published in the Official Journal on 8 March 2024. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/dir/2024/790/oj |
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| Subject Categories | Business and Industry, Internal Markets |
| Subject Tags | Capital Markets Union [CMU], Financial Services |
| Keywords | Free Movement of Capital |
| International Organisations | European Union [EU] |
