Abstract
This chapter examines the legislative and regulatory initiatives adopted by the European Union to address MiFID I shortcomings, reading the functioning and transparency of financial markets. The new MiFID II/MiFIR regime essentially addresses these identified deficits by means of three regulatory measures. First, it considerably extends the scope and increases the stringency of the obligations with regard to pre- and post-trade transparency with a view to improving the quality of pre- and post-trade transparency data. Second, it instigates a shift towards increased trading on regulated trading venues or on other regulated platforms (more extensive market regulation and trading obligations) and, third, it extends the scope of reporting obligations vis-à-vis the supervisory authorities to enable better monitoring of the financial markets. The already extensive Level 1 requirements have been further specified by numerous pieces of highly detailed Level 2 legal acts. In addition, the European Securities and Markets Authority (ESMA) has already issued several guidelines and Q&As to harmonize supervisory practice. The resulting network of regulations poses immense challenges for legal practice—as is increasingly characteristic of European capital market law today.
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