MiFID II summary pdf

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Über 7 Millionen englischsprachige Bücher. Jetzt versandkostenfrei bestellen MiFID II summary Adviser update Introduction We have received a lot of queries about how we plan to implement the requirements of the second Markets in Financial Instruments Directive (MiFID II). This document aims to answer some of the most common questions, and explain the key points that you need to be aware of The main objectives of MiFID II include the pursuit of harmonised regulation across EU financial markets, increased competition between EU financial markets, ensuring appropriate levels of investor protection, and strengthening of supervisory powers. This paper provides a summary of the key aspects of MiFID II

2 MiFID II/MiFIR expected EU legal framework Level I Level II Level III 1 (Directive MiFID Regulation MiFIR Commission Delegated acts • specific requirements regarding the provision of investment services • scope of exemptions from the current Directive • organisational and conduct of busines PDF file - 4MB Download the report Navigating MiFID II MiFID II: General presentation The MiFID II package introduces a range of measures, which seek to address consequences of MiFID I, and issues raised by the financial crisis, such as making financial markets more efficient, resilient and transparent, improving investor protection

  1. MiFID II is the European Union's response to all of these trends, and as a result effectively represents a grab-bag of initiatives formed from hard-fought negotiations between competing interest groups. These different influences on the legislative process help to explain why MiFID II has taken s
  2. MiFID II is made up of two parts, the MiFID II directive (2014/65/EU) and the MiFIR regulation (2014/600/EU), which together are referred to as MiFID II in this briefing. MiFID II will replace MiFID I and will form the legal framework for the following types of firm providing investment services or activities in the EU: investment firms
  3. 2 MiFID II/MiFIR expected EU legal framework Level I Level II Level III Guidelines Directive MiFID Regulation MiFIR Commission Delegated acts • specific requirements regarding the provision of investment services • scope of exemptions from the current Directive • organisational and conduct of busines
  4. Executive summary Trading and transparency in EU capital markets will be transformed under new rules agreed in the revision to the Markets in Financial Instruments Directive and new Regulation (MiFID II/MiFIR). The reforms have been a long time in the making and are ambitious in scope; they will trigger a shift to a new trading landscape
  5. The revised Markets in Financial Instruments Directive and associated Regulation (together, MiFID II) are EU financial markets legislation that took effect from 3 January, 2018. MiFID II brought about a comprehensive overhaul of the European market structure and investor protection framework

MiFID II and the accompanying Regulation on Markets in Financial Instruments and Amending Regulation (MiFIR) are both pieces of legislation (often referred to without distinction simply as MiFID II) originating from the European Commission and; together, seek to provide a European-wide legislative framework for regulating the operation of financial markets in the EU in MiFID 2 for UK trading venues (as defined by 2(16A) MiFIR: this term comprises UK regulated markets, multilateral trading facilities and organised trading facilities but not systematic internalisers) and UK data reporting services providers (DRSPs)). [deleted] MiFID 2 enables the Commission to make secondary legislation in several places SUMMARY By broadening the reach of the regulatory framework to the full product and service cycle, MiFID II emphasises the role of product governance (manufacturing and distribution) and the product intervention in preventing harmful products from reaching the market. The main conclusion drawn fro

Summary of MiFID II / ESMA and IDD Guidelines on Proficiency Requirements ESMA/2015/1886 V.III Criteria for knowledge and competence for staff giving investment advice 18. Firms should ensure that staff giving investment advice have the necessary knowledge and competence to a) understand the key characteristics, risk and features of th MiFID II should not be perceived as a pure compliance exercise. Significant impacts on the whole value chain demand a fundamental assessment and re-alignment of the business and operating model to remain competitive. Market access & corporate governance Main requirements and potential impacts (1/5 MiFID II. MiFID II/MiFIR entered into force on 3 January 2018. This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent. MiFID and Investor Protection MiFID II and what it means for research MiFID II and MiFIR set out new requirements that continue to reform the EU securities and derivatives markets by further enhancing what was introduced under MiFID I in 2007. The legislation is due to go live in January 2018 and will introduce significant front to back changes for bond, stock, commodity, an

• MiFID II prohibits OTC trading in equities listed on a regulated market or traded on a trading venue and requires trading to be carried out on a regulated market, MTF or systematic internaliser or an equivalent non-EU venue Regulatory powers • MiFID II introduces additional regulatory powers, including new product intervention powers MiFID II: The New Transparency Regime March 2014 . MiFID II: The New Transparency Regime Overview . The overhaul of the Markets in Financial Instruments Directive (MiFID) that was agreed by European legislators on 14 January 2014 includes sweeping changes to the and postpre--trade transparency regime for EU financial markets perform certain limited MiFID-style activities (top-up) - includes portfolio management, investment advice, and reception and transmission of orders - but cannot carry on execution of orders or dealing on own account - additional permissions do not re-characterise the fund manager as MiFID fir Among the key aspects of MiFID II/R are provisions covering: transaction reporting, market structure, pre-trade transparency requirements, post-trade reporting, best execution reporting, and conduct of business rules. MiFID II/R entered into force in July 2014. The 'Level 2' regulatory and implementing technical standards were submitted to th While MiFID I introduced more competition in equity markets, MiFID II was meant to strengthen the price formation process by increasing transparency and ensuring that all market participants, carrying out the same activity, would be regulated in the same way. This was important not only to ensure fair competitio

MiFID II directive: Summary of future changes Deloitte

To the extent further changes to the product governance rules under MiFID II are contemplated either in the 2020 COVID-19 securities markets response package or in the context of the wider MiFID II review, we believe that there should be alignment of the two sets of changes to ensure firms are clear on the cumulative effect an 2 Contents Background3 MiFID II requirements 4 Changes to RPPD rules 5 Future FCA Development of PROD 6 Preparing to Comply with PROD 7 Appendix A - Summary of Rules and Guidance in PROD 3 8 Welcome to Paper 3 in the Eversheds Sutherland MiFID II Implementation series. Michaela Walker Partner T: +44 20 7919 0541 M: +44 788 780 407 What Is MiFID II? MiFID II is a legislative framework instituted by the European Union (EU) to regulate financial markets in the bloc and improve protections for investors RTS/ITS Legal Basis Adoption by the European Commission Published in the Official Journal 9 The ratio of unexecuted orders to transactions MiFID II Article 48(12)(b) 18/05/2016 OJ 2017/566 RTS published in OJ 10 Requirements to ensure fair and non-discriminatory co-location services and fee structures MiFID II Article 48(12)(d) 06/06/2016 OJ 2017/57

MiFID II should not be perceived as a pure compliance exercise. Significant impacts on the whole value chain demand a fundamental assessment and re-alignment of the business and operating model to remain competitive. Market access & corporate governance Main requirements and potential impacts (1/5

An Introduction to MiFID II - Hogan Lovell

  1. MiFID II: ONE YEAR ON - AN ASSESSMENT | APRIL 2019 PAGE 03 Contents Executive Summary 4 Introduction 4 Background to MiFID II 4 Highlights of CFA Institute Survey 5 The Sell-side view 6 The Buy-side view 8 The independent research firm view & corporate investor relations view 1
  2. d the best interests of clients, who remain the centre of focus. MiFID II provides for a more rigorous regulatory oversight of trading venues and brokers
  3. MiFID II - Product Governance The product governance rules under MiFID II, including guidelines issued by ESMA, take effect from 3 January 2018. The new regime represents a fundamental change to European financial product distribution and will be challenging for firms to implement
  4. MIFID II Best Execution Reporting Summary of analysis and conclusions from detailed monitoring of the quality of execution (RTS 28) 2019 Qualitative Report. Purpose of the Document Bank of Scotland plc must publish1, for each class of financial instruments, a summary of the analysis an
  5. MiFID II Hot Topic Best Execution Taking a look at the new regulatory requirements and which key challenges in implementation need to be overcome. Rules pertaining to best execution are not entirely new to EU investment firms. Best Execution had already been introduced to the EU investment landscape by the first Market
  6. Markets in Financial Instruments (MiFID II) - Directive 2014/65/EU. Law details. Information about Directive 2014/65/EU including date of entry into force and links to summary and consolidated version. Amending and supplementary acts. Amendments. Implementing and delegated acts. Implementation
  7. What is MiFID II? MiFID II is the revision of the Markets in Financial Instruments Directive (MiFID), originally published in 2004. It is the foundation of financial legislation for the European Union Economic Union An economic union is one of the different types of trade blocs. It refers to an agreement between countries that allows products, services, and workers to cross borders freely

MiFID II Regulation Summary & Requirement

4 PwC | Are you taking control of the MiFID II agenda? 1. Executive summary Currently, it is expected that MiFID II will be implemented around 2014/2015. Figure 1 below summarises some of the key strategic/ commercial and operational implications expected for the different industry sectors based on the draft regulations published ICMA: MiFID II SI Regime Workshops A summary report April 2017 Introduction In February and March 2017, ICMA facilitated two member workshops on the MiFID II/R Systematic Internaliser regime for fixed income markets. Participants were primarily senior trading (in many case MiFID II the search for research. 2. 3 Contents Introduction from Peel Hunt 4 The QCA view 5 Executive summary 6 Fund Managers' views on MiFID II 12 Companies' views on MiFID II 30 Market review 44 Appendices 48. 4 Mid and Small-Cap Investor Survey INTRODUCTION We enter 2019 with UK equities as th MiFID II requirements 4 Changes to RPPD rules 5 Future FCA Development of PROD 6 Preparing to Comply with PROD 7 Appendix A - Summary of Rules and Guidance in PROD 3 8 Welcome to Paper 3 in the Eversheds Sutherland MiFID II Implementation series. Michaela Walker Partner T: +44 20 7919 0541 M: +44 788 780 4075 michaelawalker@eversheds.

Viewpoint : Impact of regulation : Geoffroy Vander Linden

MiFID II: A Summary Fieldfishe

  1. MiFID II Summary Outstanding Issues and Topics in MiFID2 - Clarify the approach to third country access and equivalence - Allow for true 'Open Access' to market infrastructures, in respect of the CCP acceptance of contracts concluded on third party trading venues
  2. Training requirements to meet MiFID II - Summary. The Markets in Financial Instruments Directive is the EU legislation regulating firms providing services to clients linked to 'financial instruments' (shares, bonds, units in collective investment schemes and derivatives), and the venues where those instruments are traded. FCA
  3. FIA has published an implementation summary to help futures brokers and other market participants outside the European Union comply with the direct electronic access requirements under MiFID II that will come into effect in January. The implementation summary is organized as a table describing how the EU-level requirements have been implemented in seven EU jurisdictions including France.

MiFID II was approved by the European Parliament in 2014 and entered into force on January 3, 2018. MiFID II is designed to: Increase investor protection. Enhance market structures and market transparency. Strengthen corporate governance and internal control frameworks. Enforce specific rules governing algorithmic and high-frequency trading MIFID II /MIFIR . Reference documents: - Directive 2014/65/EU of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC (insurance mediation) and directive 2011/61/EU (AIFMD) EUOJ L 173/349 12/6/2014 - Regulation 600/2014 of 15 May 2014 on markets in financial instruments and amending Regulation 648/201 MiFID II 12 June 2015 1 Background Articles 13(7) and 13(8) of the MiFID I Directive contain high level obligations requiring firms to have adequate arrangements in place to safeguard clients' rights in a situation where the firm holds financial instruments or funds belonging to the clients. Under the MiFID A summary of the key changes 6 Welcome to Paper 4 of the Eversheds MiFID II Implementation Series, on implementing the MiFID II best execution requirements. Andrew Henderson Partner T: +44 20 7919 0898 M: +44 788 780 4075 / +44 774 779 5049 andrewhenderson@eversheds-sutherland.com Mike Booth Regulatory Director T: +44 20 7919 0843 M: +44 746. Summary and Key Elements of MiFID II. New price transparency requirements on prices so investors can ensure they are getting the best price. More types of trades must be reported in a standard format, which allows regulators to detect market abuses and allows market participants to point out poorer prices

MiFID II - Ex-Ante Summary of Costs and Charges ETX is a trade name used by Monecor (Europe) Ltd. (ex Investments and Insurance Advisers and Sub Agents Limited) which is regulated by Cyprus Securities and Exchange Commission with license number 096/08 in accordance with the Markets in Financial Instruments Directive (MiFID II) MiFID is a directive and its new version (MiFID II) suggests changes to the existing MiFID directive. As with every directive, each jurisdiction can adapt it differently. MiFIR is the actual regulation that enforces the MiFID II directive and it has to be implemented by all EU states as is. See more here. 3

Product Governance MiFID II 1 V1.2 26 April 2017 Good Practice Guide for Product Distributors and Product Manufacturers - Product Governance MiFID II This guide has been drafted in anticipation of MiFID II coming into force and is, therefore, intended to assist investment firms in preparing for implementation of the Directive. Th MiFID II was transposed into Luxembourg law by the law of 30 May 2018 on markets in financial instruments (MiFID II law). This law is subdivided into two titles: Title I deals with markets in financial instruments and replaced the law of 13 July 2007 on markets in financial instruments (the MiFID law) with the exception of Article 37 on the holding of an official listing

An Overview of MiFID II and how it will affect investment

Riktlinjer och stöd. Direktivet om marknader för finansiella instrument, MiFID. Den 3 januari 2018 träder det uppdaterade regelverket 'Markets in Financial Instruments Directive' (MiFID II) och Markets in Financial Instruments (MiFIR) i kraft. Det nya regelverket utgör en grundlig revidering och påbyggnad av det existerande. The MiFID II Investment Firm MAY perform market abuse/trade surveillance on their third-country broker's executions. I am a: Third-country investment firm giving money to an MiFID II Investment Firm. (e.g. A non- EU-based money manager invests money in an EU-based MiFID II Investment Firm) Third-country firm will be notified of al Objectives of MiFID II. Strengthen investor protection by enhancing organisational and conduct of business requirements. Increase the transparency and efficiency of financial markets and reduce systemic risks by strengthening market structures and extending the pre- and post-trade transparency regime as well as trading obligations requirements MiFID II introduced the position limits regime with a view to improve the functioning and transparency of financial and commodity markets. This has provided value to the commodities markets, notably with respect to our benchmark contracts (i.e. Milling Wheat, Rapeseed and Corn)

MiFID II - Europ

mifid ii produ t gov ernan e : qualitative information requirements for the regular produ t review a pragmati guide to the distri ution information required to meet the produ t manufa turers regular produ t review o ligation under mifid ii and f a prod rules 31 july 201 Derivatives Symbology - MiFID II Regulatory Report As of 19th November 2015 Version 1.2 - final Public www.isda.org . 2 1 Executive Summary 3 1.1 Regulatory Working Group Objective 3 1.2 Key Findings 3 1.3 Key Open Issues 5 1.4 Key Question 5 Introduction 62 3 Product Scope 6 4 Product Analysis 7 4.1 Explanation 7 4.2 Credit

MiFID II Definition - Investopedi

  1. Directive 2014/65/EU (as amended, MiFID II); (ii) a customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/112
  2. (RTS 28) under MiFID II. The below report provides a summary of the Firm's analysis of the detailed monitoring of the quality of execution obtained on the execution venues for all client orders executed in 2019. (a) An explanation of the relative importance ADSSL gave to the execution factors or price, cost
  3. Financial Instruments Directive 2014/65/EU (MiFID II) and in anticipation of local regulatory requirements incl. Financial Services Act (FIDLEG), when either executing or transmitting orders or quotes on behalf of clients. Other legal entities than those mentioned above are excluded from this Summary. 1. Scope and Purpos
  4. MiFID II should apply as soon as possible for authorisation or variations of permission, or risk being unable to undertake the business they want from 3 January 2018, when MiFID II takes effect. Summary of feedback and our response 1.10 Many of the measures under MIFID II take direct effect under UK law, meaning that we hav
  5. ute delayed post-trade data on their websites and we had no difficulty finding and navigating to them. Our key observations are provided below
  6. Summary : MiFID II forces banks and wealth managers to ask clients for their investment knowledge and experience.The implied regulatory view is that less experience should result in less risk taking. While this is neither shared in theoretical nor in empirical finance, it becomes a source of legal risk for asset managers and banks

Read the full report here (pdf) EXECUTIVE SUMMARY. MiFID II: It's getting worse. Generally, feelings about the impact of MiFID II appear to have worsened since last year. The majority of the investor community have seen their list of research providers decrease over the past 12 months, and only expect further reductions in the future MiFID II Guide for Financial Investment Advisors - 2 - PREAMBLE Financial investment advisors (FIAs), which are governed by the regime introduced in the Financial Security Act of 1 August 2003, play a role in distributing financial instruments in France. FIAs may: provide financial investment advice1, including the service of investment advice bezüglich MiFID II senden Sie bitte Ihre Kontakt-informationen via E-Mail. Kleinanleger Ich habe eine Frage Ich habe eine Beschwerde: Hungarian: Amennyiben kérdése, észrevétele merülne fel a MiFID II-vel kapcsolatban nyújtott információkkal kapcsolatban, kérjük szíveskedjen ezt a kapcsolatfelvételi e-mailben megadni. Lakossági. The revised MiFID and the new MiFIR are commonly referred to as MiFID II. MiFID II compliance is a prerequisite for a licence to operate investment services within the European Union. MiFID II mainly impacts the disclosure of information to customers, product governance rules, inducement regime, execution rules, pre-trade and post-trade transparency rules, transaction reporting, and trading. MiFID II came into effect on January 3, 2018. Whether you are a buy-side or sell-side professional, IHS Markit can guide you to: Conduct sophisticated benchmarking to improve best execution and transaction cost analysis. Manage the process of evaluating, utilizing, and paying for research. Comply with wide-ranging transaction-reporting.

RTS 28 Qualitative Commentary Memo 1 MiFID II: RTS 28 Qualitative Commentary - GSBE Professional 2020 Equities - Shares & Depositary Receipts 1. Topic 1: an explanation of the relative importance the firm gave to the execution factors of price, costs, speed, likelihood of execution or any other consideration including qualitative factors whe Summary of some of the changes under MiFID II. Conduct of Business & Investor Protection: The role of the compliance officer is enhanced under MiFID II. Compliance officers need to ensure that staff selling or advising on MiFID financial instruments understand the compliance requirements under MiFID II. There are also stricter remuneration. ESMA MiFID II Q&As on temporary product intervention measures, 30 July 2018 ESMA data for MiFID II SI calculations1 August 2018 ESMA MiFID II TTCs for equity derivatives, equities and equity-like instruments, 6 August 2018 . UK: HM Treasury work stream (1) 14 • Name: Transposition of th MiFID II aims to address these weaknesses by reinforcing and replacing the current European rules on securities markets. In particular: it ensures that trading takes place on regulated platforms; it introduces rules on high frequency trading; it improves the transparency and oversight of financial markets - including derivatives markets - and.

UK Implementation of MiFID II. Financial Regulatory Alert, August 1, 2017. August 1, 2017. Download PDF. The release by the UK Financial Conduct Authority (FCA) on 3 July 2017 of its final rules on the implementation of the revised Markets in Financial Instruments Directive 2014/65/EU and the new Markets in Financial Instruments Regulation (EU. MiFID II Top 5 reports. The reports on this page relate to the MiFID II Best Execution reporting requirements as articulated in RTS 27 and RTS 28. Please contact your usual UBS Sales or Trading contact in the event of any questions. Please note - the files may be large

MiFIDII-Berichterstattung - Cappitech-RegTech- Experte

mifid ii Cristian Stoica PiațaTransparența pieței: Transparență pre și post tranzacționare extinsă și la instrumentele diferite de titlurile de capital Cerințe de transparență crescute atât pentru firmele de investiții cât și pentru veniturile din tranzacționare Un concept nou de furnizor de înregistrări consolidate (consolidated tape provider) Use our single platform for regulatory reporting to meet all your reporting obligations. Regulation doesn't have to cost more - Save up to 70% on your EMIR & MiFIDII Reportin The Markets in Financial Instruments Directive (MiFID) was introduced into UK law in 2008 and it helped support this by setting the rules that all investment firms had to follow when doing business with our customers, and with each other. The Markets in Financial Instruments Directive II (MiFID II) updated these rules to furthe

MiFID II introduces a requirement that specific in-scope OTC derivative contracts must be traded on a RM, MTF, OTF or equivalent third-country trading venue, and not In summary, there are three conditions that, if all are met, will determine whether a derivative is subject to the trading obligation MIFID II product governance / Retail investors, professional investors and ECPs target market - Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Securities has led to the conclusion that: (i) the target market for the Securities is eligible counterparties MiFID II and payments for investment research 1. Background 1.1 When MiFID II is due to take effect on January 3 2018, investment firms will not be able to accept investment research as form of non-monetary benefit, unless: - it passes the Quality Enhancement Test (QET) and is classified as a Minor Non-Monetary Benefit (MNNB The MIFID II classification is applicable to clients only. Client for the purpose of this MIFID Classification policy is defined as business relationships which have an account opened with the Bank and whom the Bank offers investment services

Conflicts of Interest Policy Summary Introduction Barclays Bank PLC and its subsidiaries, including Barclays Bank Ireland PLC (together, Barclays) comprise a multi-service financial institution that engages in a wide variety of activities in relation to multiple products and services, with a broad and diverse client base


Markets in Financial Instruments (MiFID II) - Directive

  1. Värdepappersmarknaden MiFID II och MiFIR SOU 2015:2 Betänkande av 2013 års värdepappersmarknadsutredning Stockholm 201
  2. Https Www Cfauk Org Media Files Pdf Pdf 1 Study With Us Mifid Ii 1 Information Givers Pdf Training Requirements To Meet Mifid Ii Summary 2 Https Www Handbook Fca Org Uk Handbook Tc Pdf Mifid Ii Related : Mifid Ii Knowledge And Competence Fca. Tags: knowledge. Lebih baru
  3. UK Finance MiFID II Product Governance: Guidelines on Target Market Identification | 3 The target market requirements are at the heart of the MiFID II product life cycle, and impose a number of obligations on an investment firm which manufactures (i.e. creates, develops, issues and/or designs) financial instruments for sale to end clients
  4. MiFID II Service Executive summary As fi nancial institutions build their longer-term MiFID II plans and control frameworks, SmartStream RDU provides organizations with both the data and the tools to achieve sustainable operational processes, maintain competitiv
  5. Even after meeting the compliance deadline on 3 January 2018, it's evident to many buy side firms that the work is far from over. T he year 2018 certainly started with a bang, with the EU regulation Markets in Financial Instruments Directive II (MiFID II) causing most of the workload for wealth and asset managers. After a massive effort, most financial firms are confident they achieved MiFID.
5 Things That Are Making MIFID II Data Useless

It is unclear at this stage whether this review will result in MiFID III or simply MiFID II Refit (or MiFID 2.5) over several stages; however, this article summarises the eleme nts of the existing framework which are likely to draw the most attention (especially in light of a German Ministry of Finance consultation on MiFID II las Art. 27(3) of MiFID II 16/12/2016 10 Summary of the analysis and conclusions from a firm's execution monitoring RTS 28 Art. 27 of MiFID II Art. 65(6) of the MiFID II Delegated Regulation 16/12/2016 1 1 RTS 27 refers to the regulatory technical standards under Article 27(10)(a) of MiFID II adopted by the EC on 08/06/2016 MIFID II SPENDING AND SOLUTIONS LANDSCAPE EXECUTIVE SUMMARY Complying with MiFID II will be a pricey exercise, with total implementation costs exceeding €2.5 billion. This bill will remain high, with over €700 million required to maintain compliance annually over the next five years. F I G U R E 1 MiFID II comes into effect on the 3 January 2018 and its implementation presents one of the biggest regulatory challenges the UK wealth management industry has faced in recent years . Does MiFID II apply to me? Simply, yes. In the UK, the FCA is required to apply 'at least analogous' rules to exempt firms under MiFID II, as it did for MiFID

MiFID II: Key impacts for the retail market PDF file: MiFID II: Key impacts for the retail market PDF size: 155KB; MiFID II: costs and charges - what to consider when assessing the value of your investment. While the inclusion of transaction costs will make some funds seem more expensive, they should not be read in isolation summary of the legal and economic framework of the best execution obligation in Page 2/35. File Type PDF Mifid Ii The New Market Structure Paradigm Linklaters MiFID 2, before analyzing the specific rules and obligations regarding best execution itself

(PDF) The impacts of Mifid II Product governanceAllfunds | The world's largest fund distribution network

Annex 1 (Full Summary with Citations) Topic The CFTC Regulatory Framework The EU MiFID II/MiFIR Regulatory Framework Pre-Trade Transparency/ Modes of Execution The promotion of pre-trade price transparency on SEFs is an express goal of the CFTC regulatory framework.2 MiFID II itself rarely mentions SFTs except in passing. Rather, a lack of exemption or special consideration meant that all of MiFID II's rules would seem to apply. This has been a topic of substantial consternation across the industry. In fact, MiFID II has driven best execution conversations not just in Europe but worldwide MiFID II (Financial Instruments) or related services, we have certain product governance obligations. This disclosure document applies in relation to various Citi legal entities including but not limited to Citigroup Global Markets Europe AG (CGME), Citibank Europe plc (CEP) and Citigroup Globa

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