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MiFID II - legislative process

The MiFID II is the revision of MiFID by the European Parliament and the European Council. Other parties were also involved in the drafting of this directive.

The incentive for MiFID II was given by the evaluation of MiFID in 2010. The timeline shows the relevant events since then and the planning for the coming years. 

The original proposal for MiFID II came from the European Commission. The European Commission also has an important role in the implementation of the directive. To this end, it has drafted "Delegated Acts". The European Securities and Markets Authority (ESMA) also plays an important role in the implementation of the directive. It draws up the Regulatory Technical Standards (RTS) and the Implementing Technical Standards (ITS) based on the directive.

Parties involved

Now that MiFID II has been adopted, it is the task of the European Commission to check whether these European rules have been incorporated in national laws.

It is ESMA's task to check whether national supervisors, such as the AFM, carry out their supervision in accordance with European rules and regulations. ESMA also has a supervisory role itself. For instance, by supervising the setting of position limits for commodity derivatives traders. ESMA also has a coordinating role in the signalling and solving of difficulties in the execution of the supervision and is authorised to draw up recommendations and guidelines.

The Ministry of Finance is preparing a bill so that MiFID II can be implemented in the Dutch Financial Supervision Act (Wft). Furthermore, the Ministry of Finance puts forth proposals to implement the Dutch Financial Supervision Act in lower level rules and regulations.

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