The second Markets in Financial Instruments Directive (MiFID II) (2014/65/EU) provides harmonised regulation for investment services across the Member States of the European Economic Area (EEA).

ISLA works with its members on many aspects of MiFID II including Corporate Governance, Trade Reporting, and Best Execution. Each part of MiFID that affects the securities lending market may result in advocacy work or the introduction of new or evolved best practices.

Markets in Financial Instruments Regulation (MiFIR) is the EU regulation closely aligned to MiFID II which mandates transaction reporting of foreign exchange (FX), commodity and over-the-counter (OTC) transactions. It also requires reporting of instruments traded on Organised Trading Facilities (OTFs) and Multilateral Trading Facilities (MTFs).

The MiFID/R framework was recently reviewed and is now pending to be published in the Official Journal of the European Union (OJEU) before it can enter into force. Relevant reforms are related to the establishment of an EU-wide consolidated tape for financial markets instruments, as well as to increasing transparency.

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