Revision of MiFID to address shortcomings in the financial markets highlighted by the financial crisis and to take into account technological developments and changes in trading patterns since MiFID was implemented, as proposed by the European Commission on October 20, 2011. MiFID II makes significant changes to MiFID, including extending the scope of regulation both in terms of entities regulated and the extent of the regulatory provisions, providing for greater scope for intervention by ESMA and national competent authorities, increased pre- and post-trade transparency requirements and significant changes to the regulation of market infrastructure. MiFID II entered into force in July 2014 and became effective in January 2018. MiFID II consists of a recast directive and a Regulation (MiFIR).

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