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MiFID II/R in primary markets
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).

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)

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
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