Joint AFME and Linklaters implementation guide on MiFIR / MiFID II Reforms in the EU and the UK

The Association for Financial Markets in Europe (AFME) and Linklaters have published an implementation guide to help EU and UK firms operating in wholesale secondary markets navigate the breadth of developments in the MiFID II / MiFIR space. The guide focuses on six key areas:

1. Market structure
2. Transparency
3. Market Data
4. Consolidated Tape Providers
5. Investment research 
6. Order execution policies

The implementation guide provides a helpful reference point by identifying the breadth of publications on both sides of the Channel in this space. As well as summarising upcoming regulatory change and divergences, the guide indicates key timelines and provides commentary on key implementation challenges and wider impacts. AFME advocacy is referenced in areas that are still being finalised by EU or UK regulators.

Although commentary is focused on challenges and impacts for sell-side firms, the guide will be of interest to other firms operating in wholesale markets.

The information in the guide should help firms plan and budget as these impactful reforms are swiftly entering the implementation phase. 

The guide will be periodically updated until the end of 2025 as further regulatory developments crystallise.

Read the guide here.

To view Linklaters’ more detailed client notes on the key EU & UK developments in this space, see Linklaters' UK & EU Wholesale Markets Timeline (accessed via the Linklaters Client Knowledge Portal).