MiFID II: Recent Publications

1. MiFID II Law and CSSF Q&A The Law of 30 May 2018 implementing the revised EU Markets in Financial Instruments regime (MiFID II) into Luxembourg law ("MiFID II Law") entered into force on 4 June 2018.

   The MiFID II Law reflects the requirements of both the level 1 MiFID II Directive (Directive 2014/65/EU) and Regulation (Regulation (EU) 2014/600) and the level 2 MiFID II Directive (Directive (EU) 2017/593) and is divided into two parts. Part I includes a new law on markets in financial instruments, repealing the Law of 13 July 2007 on the same topic1 and Part II amends the 1993 Law on the Financial Sector.

   The key points of the new MiFID II regime are highlighted in the MiFID II dedicated Newsflash available on our website.

   A Q&A on the application of MiFID II in Luxembourg is also available on the CSSF website. This Q&A is updated on a regular basis, the last time being in May 2018.

2. ESMA publications On 28 May 2018, ESMA published its final report on the Guidelines on certain aspects of the MiFID II suitability requirements in the context of investment firms2 which provide investment advice and/or portfolio management. Those Guidelines are now in the process of being translated into the official EU languages.

   ESMA also...