Commentary on MiFID II Conduct of Business Rules, Arts 21-30 MiFID II

Abstract

This paper provides a detailed commentary of arts. 21 through 30 of the new Markets in Financial Instruments Directive (Directive 2014/65/EU, MiFID II). Its primary target audience is legal practitioners who want to inform themselves about the operating conditions for investment firms in Europe, particularly the conduct of business rules. MiFID II will come into force on 3rd January 2018. The aim of the commentary is to provide an understandable and at the same time thorough account of MiFID II’s requirements, the corresponding provisions in the MiFID II Delegated Directive (Directive (EU) 2017/593) and MiFID II Delegated Regulation (Regulation (EU) 2017/565) as well as ESMA’s guidance. The commentary also directs readers to issues that are in doubt or completely uncertain in the new regime, and it adopts a clear stance on these issues.