EEA MiFID II and EEA MiFIR entered into force on 3 January 2018. EEA MiFID I was previously implemented on 1 November 2007 with the objective of making it easier for investment firms to undertake investment business across the EEA, whether on a cross-border basis or through branches. Following the UK’s withdrawal from the EU, EEA MiFID II and EEA MiFIR initially form part of UK law by virtue of the European Union (Withdrawal) Act 2018.
ICMA has been working on the primary market aspects of EEA MiFID I and then EEA MiFID II and EEA MiFIR – notably on product governance (which has joint implications with the distinct EEA PRIIPs regime), underwriting and placing (allocation justification recording), inducements and costs & charges. See further the material set out below, as well as consolidated substantive articles (often combined with PRIIPs) on product governance and a 2017Q3 article on other primary market aspects from the ICMA Quarterly Report.
Other conduct of business elements relating to primary markets are set out on the Primary markets conduct (non-MiFID) webpage.
See also: MiFID II/R implementation (covering primary markets, secondary markets, repo markets and asset management).
ICMA response to FCA CP25/2 - Further changes to the public offers and admissions to trading regimes (POATRs) and the UK Listing Rules (See product governance references in summary #(3) on p.1 and at Qs.3-5 on pp.5-6)
ICMA response to FCA call for Input Review of FCA requirements following the introduction of the Consumer Duty (See MiFID product governance references at #3, #4 and #6)
ICMA Quarterly Report article: ICMA feedback on EU Retail Investment Strategy proposals
14 September 2023
ICMA response to ESMA call for evidence on integrating sustainability preferences into product governance arrangements
28 August 2023
ICMA feedback on the EU Retail Investment Strategy proposals (PRIIPS Regulation and investor protection aspects of MiFID)
MiFID II product governance - ICMA response to ESMA guidelines review consultation
5 October 2022
MiFID II product governance - ICMA proposed approach to sustainability-related amendments and MiFID II Delegated Directive
5 October 2022
MiFID II product governance - amended Schedule 1 (target market assessment) to ICMA1 potential approach ('all bonds / professionals-only')
5 October 2022
MiFID II product governance - amended Schedule 1 (target market assessment) to ICMA2 potential approach ('simple listed bonds inclusive general retail')
3 August 2021
21 May 2021
ICMA response to Swedish Ministry of Finance’s Fi2021/01679 consultation (covering implementation of the EU CMRP’s MiFID product governance regime scope alleviation)
10 July 2020
ICMA Quarterly Report article on ICMA’s response to European Commission MiFID II/R review consultation (investor protection aspects)
15 May 2020
ICMA response to European Commission MiFID II/R review consultation (investor protection aspects, including product governance and inducements at pp. 36-56 of 93 pages)
18 March 2020
20 December 2019
MiFID II/R and the bond markets: the second year - An analysis of the impacts of MiFID II/R implementation in 2019, its challenges and potential solutions
15 March 2019
ICMA response to German Federal Ministry of Finance MiFIDII/MiFIR consultation
19 February 2019
ICMA response to ESMA consultation on integrating sustainability risks and factors in MiFID II (ESMA35-43-1210)
See also:
Archive
Contact:
Ruari Ewing
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Primary Market Practices Committee and related groups.
Direct line: +44 20 7213 0316
