Fortress Europe? MiFID II for non-EU private banks - third country access issues

European financial services legislation has recently demonstrated a desire by European Union (EU) co-legislators to impose extra-territorial requirements on non-EU (i.e. third country) financial services businesses accessing the EU markets. Most notably we have seen this happening with the Alternative Investment Fund Managers Directive (AIFMD) and more recently in MiFID II / MiFIR.

MiFID II / MiFIR are the European legislative texts which will amend the Markets in Financial Instruments Directive (MiFID I), implemented by EU Member States with effect from 1 November 2007. The reforms will be implemented by a Directive (MiFID II) and a Regulation (MiFIR).


This publication discusses the impact on private banks of the implementation of  MiFID II / MiFIR by looking at the changes that will occur and how best to prepare for them.