MiFID II – FSMA communication on preparation for the entry into force of the MiFID II directive (for the aspects relating to conduct of business rules)

Géraldine D'Argembeau 24 July 2017


Background

This communication has been published in the context of the new legal framework arising from the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, and which will enter into force in January 2018.

What’s new?

The FSMA communication aims at facilitating the identification and the understanding of the new rules of conduct amended by the Directive 2014/65/EU.

For this purpose, the communication:

  • identifies the most relevant texts with regard to the rules of conduct laid down in Directive 2014/65/EU;
  • summarizes the main changes brought by the new Directive;
  • draws the attention of the regulated entities on the importance of drafting (if not already done) an action plan to identify the measures to adopt in order to meet the requirements arising from the MiFID II Directive and its delegated and implementing measures.

The communication is available in French here and in Dutch here.

What’s next?

Both European and Belgian legal provisions will enter into force on 3 January 2018. As of this date, the regulated entities will have to meet the requirements arising from these texts. No transition period is foreseen.

In view of the short time frame, the regulated entities are expected to draft as quickly as possible an action plan to ensure compliance with the new laws, within the period outlined above.

 

In case of any questions, do not hesitate to contact Marleen Mouton or Géraldine D’Argembeau.