MiFID II and MiFIR entered into force on 3 January 2018 (following a 12-month delay agreed by legislators in June 2016 from the original date of 3 January 2017). ESMA is expected to continue publishing Q&As to hopefully assist market participants in understanding the Level 2 text.

MiFID I was implemented on 1 November 2007 with the objective of making it easier for investment firms to undertake investment business across the EU, whether on a cross-border basis or through branches.

ICMA has been working on the primary market aspects of both MiFID I and now MiFID II and MiFIR – notably on product governance (which has joint implications with the distinct PRIIPs regime), underwriting and placing (allocation justification recording), inducements and costs & charges. See further the responses set out below, as well as consolidated articles on product governance and an 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).

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
ICMA response to EC consultation on an EU framework for markets in crypto-assets (security tokens)

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)

6 December 2018
MiFID II/R and the bond markets: the first year - An analysis of the impacts and challenges of MiFID II/R implementation since January 2018

8 November 2018 
Letters on the Investment Firm Regulation (third country firm regime) to European Commission, European Parliament and Austrian presidency
8 November 2018 
 
 
April 2018
PRIIPs and MiFID II product governance: the initial experience

27 February 2018
Slides on MiFID II implementation in primary markets (Swiss legal meeting)

26 February 2018
Slides on MiFID II implementation in primary markets (ECBC meeting)

21 February 2018
MiFID II product governance and ECP

January 2018
MiFID II/R and PRIIPs: implementation in primary markets

24 January 2018
Slides on MiFID II implementation in primary markets (ICMA/NCMF event)
  
  
October 2017
PRIIPs and MiFID II/R product governance

12 July 2017
MiFID II/R product governance and PRIIPs

12 July 2017
Other aspects of MiFID II/R implementation in primary markets

4 January 2017
ICMA product governance response to FCA MiFID II Implementation – Consultation Paper III (CP16/29)

4 January 2017
ICMA response to Consultation Paper ESMA/2016/1436 - Draft guidelines on MiFID II product governance requirements

15 June 2015
ICMA response to ESMA Consultation Paper - Draft guidelines on complex debt instruments and structured deposits

15 June 2015
The Joint Associations Committee on Retail Structured Products responded to an ESMA Consultation Paper on draft guidelines on complex debt instruments and structured deposits. See further item 40 on the ICMA retail structured products webpage

1 August 2014
ICMA responded to an ESMA Consultation Paper on MiFID II/MiFIR

31 July 2014
The Joint Associations Committee on Retail Structured Products responded to an ESMA Consultation Paper on MiFID II/MiFIR. See further item 35 on the ICMA retail structured products webpage

2 February 2011
ICMA’s response the Commission’s MIFID Review Consultation

22 December 2009
Joint response to CESR’s consultation paper “Inducements: Good and poor practices” (CESR/09-958)




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
ICMA Zurich

T: +41 44 363 4222
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8002 Zurich
ICMA London

T: +44 20 7213 0310
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London EC4N 6EU
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T: +33 1 70 17 64 72
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75008 Paris
ICMA Hong Kong

T: +852 2531 6592
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