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MiFID II – Implementation in national laws

MiFID II (Markets in Financial Instruments Directive) is a revision of the European Markets in Financial Instruments Directive that came into effect in 2007 and the introduction of the MiFIR regulation. The MiFIR regulation (and the delegated regulations) has direct effect. Therefore, it is not required to implement it in national laws. However, the MiFID directive does not have direct effect. For that reason, it is essential that the MiFID II directive is implemented in national law. For more information on the distinction between a regulation and directive, please read ‘the Lamfalussy procedure’.

In the Netherlands, MiFID II has been implemented by the Ministry of Finance.

  • The legislative proposal (het wetsvoorstel) was adopted by the Tweede Kamer in September 2017 and by the Eerste Kamer on 19 December 2017. On 28 December 2017, the law was published in the Staatsblad.
  • In the spring of 2017, the amendments at the decision level (besluit niveau) were consulted and later submitted for advice to the Raad van State, including the amendments of the Besluit Gedragstoezicht financiële ondernemingen (Bgfo). On December 28, 2017 the decision was published in the Staatsblad.
  • Companies with a national regime registration or permit are exempt from part of the requirements of MiFID II. The national regime was amended on 1 April 2019.

The national regime will be amended at a later date and the necessary amendments to the Vrijstellingsregeling (exemptions) under the Wet Financieel toezicht (Wft) will be publicly consulted in the 1st quarter of 2018. Existing exemptions will continue to apply until the new national regime comes into effect.

More information (only available in Dutch)

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